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Paramount Global Workforce Reduction Amid Economic Challenges
Paramount Global announced a 3.5% workforce reduction, affecting primarily U.S. employees, due to challenges in the U.S. economy and the declining linear television business. This decision follows a previous 15% workforce cut last year and occurs as the company prepares for its merger with Skydance Media, aiming to bolster its streaming service, Paramount+. The layoffs and merger are part of a broader strategy to streamline operations and recover from recent financial losses, despite ongoing legal issues related to a lawsuit involving CBS and former President Trump.
