Paramount Global to Cut 2,000 Jobs Amid Cost-Cutting Plan. Aims for Paramount+ Profit in 2025.
Paramount Global intends to cut about 2,000 jobs or 15% of its U.S. workforce as part of a cost-cutting plan and to achieve $500 million in savings as it prepares for a merger with Skydance Media. Paramount's second-quarter revenue fell 11%, missing analyst estimates, due to declining TV licensing, advertising, and cable subscription revenues. Paramount+ subscribers decreased from last quarter, unwinding a partnership in Korea, though revenue from streaming grew year-over-year. Paramount reaffirmed its target to reach profitability for Paramount+ in the U.S. by 2025 through price increases and lower content spending.
Category
🗞
NewsTranscript
00:00It's Benzinga, and here's what's on the block.
00:02Paramount Global intends to cut about 2,000 jobs, or 15% of its U.S. workforce, as part
00:08of a cost-cutting plan and to achieve $500 million in savings as it prepares for a merger
00:13with Skydance Media.
00:14Paramount's second quarter revenue fell 11%, missing analysts' estimates, due to declines
00:19in TV licensing, advertising, and cable subscription revenues.
00:23Paramount Plus subscribers decreased from last quarter, unwinding a partnership in Korea,
00:28so revenue from streaming grew year-over-year.
00:31Paramount reaffirmed its target to reach profitability for Paramount Plus in the U.S. by 2025 through
00:36price increases and lower content spending.
00:38For all things money, visit Benzinga.com.