Paramount Global’s hemorrhaging continues with ‘phase two’ of planned job cuts

The bleeding at Paramount Global continued on Tuesday as the struggling media giant launched a second round of layoffs in its previously announced plans to cut 2,000 jobs.

Paramount co-CEOs George Cheeks, Chris McCarthy and Brian Robbins revealed in a memo that “90% of these cuts will be completed” by the end of Tuesday.

“Like the entire media industry, we are working to accelerate the profitability of broadcast while at the same time adapting to the evolving landscape in our traditional businesses,” said the CEO. “Days like today are never easy. It is difficult to say goodbye to valued colleagues and those who are leaving, we are extremely grateful for your countless contributions.”

Paramount said in August it would cut 15% of its US workforce in order to cut $500 million from the budget ahead of its planned merger with Skydance Media, which is expected to be finalized next year.

It is unclear when the final 10% of cuts will be approved, but they are likely to happen before the end of 2024, insiders said.

Sources told The Post that CBS News will be affected by the cuts — and that the Washington, D.C., bureau will likely take a hit after the 2024 presidential election, following the network’s decision to move the “CBS Evening News” out of the nation’s capital. in New York. .

That move included the announcement over the summer that longtime CBS Evening News anchor Norah O’Donnell will leave the latter station after the election and that she will be replaced by CBS News reporter John Dickerson and WCBS anchor Maurice DuBois. .

A representative for CBS did not comment.

The first round of cuts included the closure of Paramount TV Studios, which was known for producing shows like “The Offer,” “Reacher” and “13 Reasons Why.”

The company also marked down the value of its cable networks by $6 billion last month as it faces a decline in its traditional cable TV business, driven in part by advertisers increasingly shifting their spending to broadcast platforms. .

The job cuts are expected to lead to charges of $300 million to $400 million in the third quarter, company executives said in August.