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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.

Paramount’s Naveen Chopra to Lead Finance at Roblox Amid Growth and New Revenue Push

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Naveen Chopra, currently finance chief at Paramount Global, will join video gaming firm Roblox as its new Chief Financial Officer, the companies announced Monday. Chopra takes the role as Roblox expands its engagement with Gen Z users and diversifies into new revenue streams like advertising.

Chopra has been CFO at Paramount since 2020, guiding the company’s shift from traditional media to streaming. Prior to that, he led finance for Amazon’s Devices and Services division. His move comes as Paramount aims to finalize its $8.4 billion merger with Skydance Media, pending U.S. FCC approval.

At Roblox, Chopra will succeed Michael Guthrie, who is stepping down after announcing his departure last year to pursue personal interests. Guthrie will remain through June to ensure a smooth handover and then serve as a consultant.

Wedbush Securities analyst Michael Pachter praised Chopra as a “seasoned professional” and “capable replacement,” highlighting the opportunity to influence Roblox’s growth trajectory.

Roblox has seen a 26% jump in average daily active users, reaching 97.8 million in the quarter ending March 31, leading the company to raise its annual bookings forecast despite economic uncertainties. To attract older gamers and increase spending on virtual items, Roblox is exploring new game genres, including horror.

Andrew Warren, Paramount’s strategic advisor to the CEO, will act as interim CFO during the transition.

Indonesia’s Sovereign Wealth Fund Explores Stake in Grab-GoTo Merger

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Indonesia’s newly established sovereign wealth fund, Danantara Indonesia, is reportedly in early discussions to acquire a minority stake in the potential combined entity formed by ride-hailing and food delivery rivals Grab and GoTo. According to a Bloomberg News report on Friday, the move aims to alleviate concerns within the Indonesian government over Singapore-headquartered Grab’s ownership of the country’s largest tech company.

The deal, which is still in the negotiation phase, could see Grab valuing GoTo at approximately $7 billion. Grab is targeting a deal closure within the second quarter, though recent progress has slowed amid regulatory reviews by Indonesia’s antitrust authority. The regulator began studying potential risks associated with the merger last month to ensure fair competition and address any national security concerns.

Danantara Indonesia, launched in February, serves as Indonesia’s sovereign wealth vehicle and is designed to invest in strategic sectors including metal processing and artificial intelligence. The fund consolidates government stakes in various state-owned enterprises and is modeled after Singapore’s Temasek Holdings, aiming to foster national economic growth and technological advancement.

Neither Grab, GoTo, nor Danantara Indonesia have commented on the talks, but sources close to the matter indicate the discussions continue as stakeholders work through regulatory hurdles.

If completed, the transaction would mark a significant consolidation in Southeast Asia’s tech landscape, potentially strengthening Indonesia’s influence in the regional digital economy while balancing foreign ownership concerns.