Paramount's Big Changes: Jobs Cut, Future Uncertain

Paramount has started letting go of about 1, 000 workers. This is part of a bigger plan to cut costs and reshape the company. David Ellison, who now leads Paramount, said these changes are needed to make the company stronger in the long run. The cuts are happening in many parts of the company. This includes CBS, CBS News, and popular channels like MTV and Comedy Central. More job cuts are expected later, which could mean about 10% of the workforce will be gone. This isn't the first time Paramount has cut jobs. In the past few years, they have let go of many workers. This is because fewer people are watching cable TV, and the company is focusing more on streaming. Other big companies are also cutting jobs. Amazon, Meta, and Charter have all announced layoffs recently. The entertainment and tech industries are going through big changes. Los Angeles, a big hub for film and TV production, is feeling the impact. The number of people working in this industry has dropped a lot since 2022. The strikes by writers and actors last year made things worse. There is some hope for the future. California has increased tax credits for film and TV production. This could bring more work to the area. But the industry still faces challenges from social media and changing consumer habits.