Paramount Layoffs 2024: Hundreds To Lose Jobs By February Despite 'Mean Girls' Hit
Paramount Global is reportedly proceeding with staff cuts in February and may require laid-off staff to leave immediately.
Reports suggest Paramount is planning to lay off about 800 employees in an effort to rein in costs, Deadline reported. The cuts will affect all divisions across the entire company.
While nothing has been confirmed, Feb. 13 has been tossed around as the date for the cuts to be made. Sources of the outlet also suggest that those who will be impacted will only be given three days from receiving their notifications to leave their posts.
Employees laid off during the COVID-19 pandemic also had a similar short window to exit.
This follows a December 2023 report by the Wall Street Journal suggesting the company plans to cut 1,000 staffers by early 2024.
It also comes after reports that Macy's, the U.S. largest department store operator, will be laying off 2,300 people and closing down five stores across the country.
Paramount has also suffered a dropping stock price since the Viacom and CBS's merger in 2019 that led to the formation of the company. Since the merger, its stock price has dropped by half.
While it hit the mark with its recent "Mean Girls Musical" release, it still struggles with its streaming platform which is leading to more losses.
"Mean Girls Musical," the reboot of the 2004 Lindsay Lohan original, topped the North American box office for the second consecutive weekend.
While its $11.7 million box office this week was a significant drop from last week, it's still enough to lead all movies and be 19% ahead of the original film for the same period.
