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Paramount to Cut 3.5% of U.S. Workforce Amid Industry Disruption

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Paramount Global is set to lay off 3.5% of its U.S. workforce as part of ongoing efforts to adjust to sweeping changes in the media industry, according to an internal memo reviewed by Reuters. The job cuts, announced to employees on Tuesday morning, may eventually extend to some international staff, the memo from the office of Paramount’s three co-CEOs indicated.

This new round of layoffs follows a previous 15% staff reduction announced in August 2024. The moves come as Paramount, like many traditional media companies, faces mounting challenges due to the rapid shift away from cable television toward streaming platforms such as Netflix. The company’s leadership cited the broader “generational disruption” affecting the industry as millions of consumers continue to abandon pay-TV subscriptions.

“We are taking the hard, but necessary steps to further streamline our organization starting this week,” co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins stated in the memo.

As of December 31, 2024, Paramount employed approximately 18,600 people globally. CNBC first reported the latest job cuts on Tuesday.

The layoffs occur as Paramount is in the midst of attempting a major corporate merger. The company has proposed an $8.4 billion deal with Skydance Media, led by billionaire David Ellison. However, regulatory approval for the merger remains pending. Complicating matters is a $10 billion lawsuit filed by former U.S. President Donald Trump against CBS News, part of Paramount Global, over allegations that a 2020 interview with then-vice president Kamala Harris was deceptively edited to her advantage.

Trump to Keep Starlink at White House Despite Break with Elon Musk

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President Donald Trump announced on Monday that he plans to continue using Elon Musk’s Starlink satellite internet service at the White House, despite declaring over the weekend that his personal relationship with Musk was over. However, Trump indicated he might move his Tesla vehicle off-site.

“I may move the Tesla around a little bit, but I don’t think we’ll be doing that with Starlink. It’s a good service,” Trump told reporters.

Trump purchased a red Tesla Model S earlier this year when he was still an ally of Musk. Following their recent public feud — sparked by Musk’s harsh criticism of Trump’s tax and spending bill — there were reports the president might get rid of the Tesla, which remained parked at the White House over the weekend.

Despite the spat, Trump said he would have no problem if Musk reached out. “We had a good relationship, and I just wish him well,” he added. Musk responded on X with a heart emoji to a video of Trump’s comments.

Their public clash, beginning last Thursday, followed Musk’s labeling of Trump’s bill as a “disgusting abomination,” complicating Republican efforts to pass the legislation with narrow majorities in Congress.

Sources close to Musk indicate his anger may be waning, and there could be a possibility of repairing ties.

Tesla Shares Bounce Back After $152 Billion Drop Amid Musk-Trump Fallout

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Tesla shares recovered nearly 4% on Friday following a steep $152 billion market value wipeout triggered by a public spat between CEO Elon Musk and former U.S. President Donald Trump. The clash erupted over Trump’s criticism of a tax and spending bill that threatens to end the $7,500 electric vehicle (EV) tax credit by 2025, a move Musk openly opposed.

Earlier reports suggested that Musk and Trump might hold talks to ease tensions, with Musk signaling openness to a détente on his social platform, X. However, a White House official indicated that Trump was not interested in engaging with Musk. In a CNN interview, Trump dismissed Musk, saying, “I’m not even thinking about Elon,” and described him as having “got a problem.”

The conflict escalated when Trump threatened to cut government contracts with Musk’s companies, including SpaceX. Analysts warn that this feud could pose multiple risks for Tesla, especially as regulatory bodies like the U.S. Transportation Department influence the future of autonomous vehicle production—a key part of Tesla’s ambitions.

Despite the recent volatility, Tesla shares remain highly valued, trading at roughly 120 times expected earnings—far above many automakers and tech giants such as Nvidia. The stock has fallen 26.9% year-to-date, with Thursday’s 14% plunge reflecting investor concerns over Musk’s increasingly polarizing political stance.

Since Musk publicly supported Trump’s 2024 presidential bid last July, Tesla’s stock has experienced wild swings. Initial optimism about reduced regulatory burdens for robotaxis gave way to softness in vehicle sales and brand damage related to Musk’s politics. While initial hopes were that strong sales among Republican voters would balance out losses from liberal consumers, experts now warn that Musk’s confrontational posture risks alienating both sides.

“By alienating Republicans, Musk risks losing any remaining support, potentially triggering a collapse in Tesla’s brand perception,” said Evan Roth Smith, political strategist and co-founder of Slingshot Strategies.

Tesla did not immediately respond to requests for comment.