Paramount’s cable networks, including Comedy Central, MTV and Nickelodeon, are struggling as more viewers shift to streaming platforms|Rob Corder|CC BY-NC 2.0

Paramount Global announced it will cut 15% of its US workforce, roughly 2,000 jobs, as part of a $500 million cost-saving initiative. The move follows the company’s writedown of nearly $6 billion from its cable networks.

Even Warner Bros. Discovery reported a nearly $10 billion quarterly loss recently, mainly due to a writedown of the value of its TV networks, including CNN, TNT and TBS.

Paramount’s cable networks, including Comedy Central, MTV and Nickelodeon, are struggling as more viewers shift away from traditional television with the rise of streaming services.

The company reported a $5.41 billion loss in the second quarter, with its television unit revenue down 17%, driven by lower ad revenues.

Notably, the media conglomerate’s streaming platforms Paramount+ and Pluto TV reported their first quarterly profit.

However, Paramount+ also lost 28 million subscribers, largely due to an exiting bundle agreement with South Korea.

Paramount+ also lost 28 million subscribers, mainly due to an exiting bundle agreement with South Korea.

Paramount’s merger with Skydance Media is expected to close in 2025.