Paramount to slash 3.5% of US staff in latest round of cuts: ‘Hard, but necessary'
1. Paramount Global is laying off 3.5% of its workforce due to subscriber declines. 2. This follows a previous 15% reduction as part of a cost-cutting plan. 3. The company prioritizes its streaming business amid fierce industry competition. 4. Paramount's merger with Skydance Media awaits regulatory approval amidst legal issues. 5. CEO memo emphasizes necessary steps for future organizational success.