Paramount Global plans to cut several hundred employees on Tuesday due to a continuing decline in the cable-TV industry and the broader economic landscape.

"These changes are necessary to address the environment we are operating in and best position Paramount for success," its co-CEOs say.

The move follows a 15% reduction last year as part of a $500 million cost cutting plan. The company ended 2024 with 18,600 employees worldwide.

Paramount Global said it's cutting 3.5% of its workforce, citing challenges in the broader economy and in the linear television business.

Paramount Global is trimming its U.S. workforce by 3.5% in a move to cut costs. The company’s plans to cut jobs were announced Tuesday by its three co-CEOs in a company-wide memo viewed by FOX Business. Co-CEOs George Cheeks, Chris McCarthy and Brian ...

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Paramount Global is cutting hundreds of employees, about 3.5% of its U.S. staff, according to a memo viewed by CNBC and Reuters. The memo, which said laid-off staff would be notified on Tuesday, was from the company's trio of CEOs — George Cheeks (CBS ...

This was the stock's third consecutive day of gains.