Paramount is considering various cost-cutting measures, including job cuts impacting about 800 employees or roughly 3% of its workforce. The company plans to reduce non-content costs by streamlining its organization to create a leaner, more nimble structure. Additionally, Paramount is exploring the sale of certain Paramount-owned assets to help pay down debt and strengthen its balance sheet. These efforts aim to achieve $500 million in annualized cost reductions.
Paramount Global's portfolio includes Paramount Pictures, CBS Entertainment Group, Paramount Media Networks, and Paramount Streaming. The company also has a 12.5% ownership stake in The CW Television Network and owns various international networks and assets, such as Channel 5 in the UK, Network 10 in Australia, and Telefe in Argentina3.
Barry Diller's IAC is exploring a bid to acquire Shari Redstone's National Amusements Inc., the company that owns a controlling stake in Paramount Global. IAC has signed nondisclosure agreements with National Amusements Inc. to perform due diligence on a potential deal.