Paramount Global (PARA) is undertaking a new round of layoffs as the entertainment conglomerate continues to struggle financially.
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While Paramount has kept quiet about which workers are impacted by the job cuts, the International Brotherhood of Electrical Workers (IBEW) union has said that the layoffs impact editors and people working in show production and distribution.
Pushing for Cost Savings
The layoffs come as Paramount Global tries to achieve $500 million in annualized cost savings. The company has struggled with a decline in advertising at its linear television networks and movie viewership at the same time as it tries to make its Paramount+ streaming service profitable.
Paramount Global is in the process of merging with privately held Skydance Media, a deal that is expected to close in the first half of 2025. The merger comes with PARA stock down more than 70% in the last five years amid ongoing financial difficulties at the company.
Is Paramount a Good Stock to Buy Now?
Wall Street analysts have a consensus Hold rating on INTC stock based on three Buy, eight Hold and seven Sell recommendations made in the past three months, as indicated by the graphic below. After a 15.59% loss in its share price over the past year, the average PARA price target of $12.13 implies 15.63% upside potential.
