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Paramount Layoffs 2024: What to Know About the Latest PARA Job Cuts

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Paramount (NASDAQ:PARA) layoffs are in the news Tuesday after the entertainment company announced plans to cut jobs if its merger with a consortium of Skydance Media, RedBird Capital and KKR (NYSE:KKR) doesn’t go through.

Paramount is looking to cut its operating costs if this planned merger doesn’t come to fruition. This would see it focus on laying off employees while also increasing content and franchises.

This would have the Paramount layoffs focus on a few areas. That includes “duplicative teams and functions across the organization, real estate, marketing and other corporate overhead categories.”

When Will the Paramount Layoffs Happen?

Paramount is only planning to move forward with these layoffs if it can’t complete its merger agreement. The company is waiting on approval from controlling shareholder Shari Redstone.

Redstone is the owner of National Amusements, which owns 77% of PARA stock. Without her approval, the merger deal can’t move forward. This is why the executive team at Paramount has presented this plan as an alternative to the merger, CNBC notes.

PARA stock is down 3.6% as of Tuesday morning. Investors will note that the stock is also down 14.1% since the start of the year.

Investors will want to keep reading for more of the most recent stock market stories on Tuesday!

We have all of the hottest stock market news traders need to know about today! Among that is what’s going on with shares of GameStop (NYSE:GME), Core Scientific (NASDAQ:CORZ) and Avalon Globocare (NASDAQ:ALBT) stock. You can catch up on all of this news at the links below!

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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