Two big entertainment companies announced layoffs to cut expenses; Know more

Disney began cost-cutting measures last year, resulting in the loss of approximately 8,000 jobs. The company, like its rivals Paramount Global and Warner Bros. Discovery, has struggled as traditional television viewership has declined. Viewers are increasingly switching to streaming services.

Paramount Global, on the other hand, announced on Tuesday that the entertainment company intends to lay off several employees due to economic difficulties. This decision will have an impact on several divisions in its portfolio, including major networks such as CBS, Comedy Central, and MTV.

In a memo sent to employees, Paramount co-CEOs George Cheeks, Chris McCarthy and Brian Robbins said that these measures are necessary to ensure the long-term success of the company. According to Variety's report, the company wrote in the memo, "We are taking these steps to prepare Paramount for continued success."