Paramount Global, amid a swirl of M&A discussions, is laying off about 800 employees worldwide as it looks to trim costs.

Paramount Global, amid a swirl of M&A discussions, is laying off about 800 employees worldwide — an estimated 3% of its headcount — as it looks to trim costs.

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For the third quarter of 2023, Paramount Global’s revenue rose 3% thanks to its growth in its streaming and film businesses — but revenue in its largest division, linear TV, fell 8% as sales of traditional television advertising continued to contract (declining 14% in the quarter).

  • Copernican@lemmy.worldOP
    3·
    10 months ago

    I think there needs to be better unemployment security and resourcing. I think there are certain jobs that should be let go over time. IE, if we get off fossil fuels, I would expect a lot of people to lose those jobs in fossil fuel. As we get more automation, that is going to replace those jobs. I think right now it’s hard to determine what is reasonable or justified layoffs for business reasons, and what is really there to just pump the stock up. But everyone knows cable TV is going to die… I would expect jobs to be cut. Similarly Sky TV recently also had a layoff of a percentage of the work force. That primarily hit the technician team that was responsible for installing cable boxes in people’s homes.

    I am hoping one day we can have tax system that makes sense and is fair, and support a UBI eventually.

    What I find kind of amusing about some of the comments on this thread are the communist leaning folks seem to parrot neo libs where the solutions is jobs for the sake of jobs.