Paramount To Cut 2,000 Jobs In Major Restructuring Move: Report
Portfolio Pulse from Nabaparna Bhattacharya
Paramount Global (NASDAQ:PARA) is cutting 2,000 jobs as part of a major restructuring effort. The layoffs, which represent 15% of its U.S.-based workforce, are expected to be mostly completed by the end of September. The company aims to achieve $500 million in annualized cost savings and improve its balance sheet. Despite the restructuring, Paramount's shares are trading slightly lower.
August 13, 2024 | 4:07 pm
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Paramount Global is cutting 2,000 jobs, representing 15% of its U.S. workforce, as part of a major restructuring effort aimed at saving $500 million annually. Despite these efforts, shares are trading slightly lower.
The job cuts are a significant restructuring move aimed at cost savings, which could be seen as a positive long-term strategy. However, the immediate market reaction is negative, as evidenced by the slight drop in share price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100