Paramount is launching a review of its international pay TV strategy as it looks to manage the declining linear business while prioritizing its investments in streaming, an individual familiar with the matter tells TheWrap.
As part of the review, the media giant warned staff that its considering closing its offices in Africa and reducing its local channel footprint in international markets, with a primary focus on cable brands.
The company plans to continue prioritizing global content, while leaning into lines of business and regions with the most opportunity for revenue growth. The office closure could impact less than 100 Paramount employees across Johannesburg, South Africa and Lagos, Nigeria.
A Paramount spokesperson declined to comment.
The move comes as Paramount has been cutting costs ahead of its pending $8 billion merger with Skydance Media, which is awaiting regulatory approval from the FCC.
Last year, Paramount’s co-CEOs embarked on a plan to cut $500 million in costs, which included a workforce reduction of 15% and the shuttering of Paramount Television Studios. Recently, they revealed they would cut another 3.5% of its workforce as it prioritizes investments in growing its streaming business as the linear TV business declines. As of the end of 2024, Paramount Global had 18,600 employees worldwide.
Skydance previously said it identified at least $2 billion in cost efficiencies and synergies, which included the $500 million in cuts from Paramount.
After triggering its second automatic 90-day extension, the Paramount-Skydance deal’s closing deadline has been pushed to Oct. 6. If the deal is not closed by then, the parties would have the option to terminate the deal, which would not be subject to the agreement’s $400 million breakup fee.
Shares of Paramount have climbed 13% in the past year and 23% year to date.
