Posted 2/28/2024, 10:33:00 PM
Paramount Takes $1B Charge, Lays Off Hundreds Amid Streaming Shift
- Paramount Global expects to take a $1 billion charge in Q1 due to programming shifts and recent layoffs
- The charge reflects decisions to transition the business and enhance future value proposition
- Layoffs announced earlier this month eliminated nearly 750 domestic positions, or 5% of domestic workforce
- Layoffs expected to generate $200 million in annual cost savings, benefiting TV Media and corporate expenses
- Paramount reported mixed Q4 results, but expects domestic streaming business to turn a profit by 2025