Paramount Global Reduces Workforce and Values Cable Network Write-Down

Thursday, 8 August 2024, 22:55

Paramount Global has made significant cost-cutting moves by announcing a reduction of 15% of its workforce and writing down its cable networks by nearly $6 billion. This decision comes on the heels of the company's streaming business achieving its first-ever quarterly profit. Despite these challenges in traditional media sectors, Paramount's stock saw a rise of over 5% in extended trading, indicating a positive market reaction to its streaming success.

Nypost — Paramount Global Reduces Workforce and Values Cable Network Write-Down

Job Reductions and Financial Impact

Paramount Global has announced significant changes within its structure, including:

A reduction of 15% of its workforce.
A write-down of cable networks valued at nearly $6 billion.

Streaming Gains Amidst Traditional Struggles

Despite these cuts, Paramount's streaming business has reported its first quarterly profit, indicating a shift towards digital content.

Market Reaction

Following the announcements, Paramount stock rose more than 5% in extended trading, reflecting positive investor sentiment regarding the company's strategic direction.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

Job Reductions and Financial Impact

Streaming Gains Amidst Traditional Struggles

Market Reaction

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