Paramount Global writes down cable networks value, cuts jobs; streaming profit boosts shares

Paramount Global wrote down the value of its cable networks by nearly $6 billion and announced Thursday it would cut 15% of its US workforce, as the media conglomerate navigates the decline of the cable television business.

The reductions are part of Paramount’s efforts to cut $500 million in costs ahead of its merger with Skydance Media and will affect roughly 2,000 people.