New York CNN —Paramount Global, the storied media conglomerate, announced Thursday it will lay off 15% of its US staff and write down $6 billion in value of its cable television networks as it prepares to merge with Skydance Media.
Discovery, the parent company of CNN, TNT, HGTV and other cable networks, posted a $9.1 billion write down on its television business.
“And this impairment acknowledges this.”The recent turbulence in the media business extends well beyond the traditional television industry, affecting digital news outlets and print publications.
As profits in the television business have eroded away, Paramount has been hit particularly hard.
Paramount said its streaming service Paramount+ posted a $26 million profit after losing $424 million during the same period last year and said it expects subscriber growth in the second half of the year.
Persons:
David Ellison’s SkyDance, Chris McCarthy, “, ”, David Zaslav, Axios, Jim VandeHei
Organizations:
New, New York CNN, Paramount Global, Skydance Media, Paramount, Warner Bros, CNN, TNT, HGTV, Broadcasting, Cable, Nickelodeon, Comedy Central, MTV, Discovery, HBO, Max
Locations:
New York