Normally, layoffs help stock prices. The combination of cost savings and a willingness to do the “tough thing” for the company’s sake usually endears it to shareholders. Today, the numbers came out on just how many people are getting laid off at Paramount (PARA), and the media giant saw its shares gain nearly 2% as a result.
The latest round of job cuts at Paramount will see around 2,000 employees—roughly 15% of its total operation—removed from the roster. That’s also going to prompt a restructuring charge of somewhere between $300 million and $400 million, which will show up in the third quarter. Most of the cuts will come to marketing and communications departments, while there will be smaller cuts—what Paramount calls “right-sizing” efforts—in other areas like finance and legal.
Of course, that was not all the bad news. Paramount discovered, in much the same way that Warner Bros. Discovery (WBD) did…
