As a long-time subscriber and admirer of Paramount Global, I find myself both saddened and intrigued by the recent news of impending layoffs. With over three decades spent following the ups and downs of this entertainment powerhouse, I’ve come to know its staff as more than just names on a payroll—they are the creators, innovators, and dreamers who bring my favorite stories to life.
Paramount Global is set to reduce its U.S. staff by 15% over the coming weeks, marking another round of job cuts as the company prepares for its upcoming merger with Skydance Media.
On a conference call discussing their second-quarter earnings, Paramount revealed the specifics following their announcement of a significant operating loss due to a $5.98 billion reduction in the estimated worth of their cable TV networks. This reduction in value is linked to their planned acquisition by Skydance Media, which is scheduled to be finalized by September 30, 2025.
As of December 31st, 2023, Paramount Global boasted a workforce of approximately 21,900 individuals. However, in the month of February, the company decided to reduce its staff by around 800 positions.
The company is managed by three key executives in the “Office of the CEO”: George Cheeks, who serves as the head of CBS; Chris McCarthy, responsible for Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, holding positions as both president/CEO of Paramount Pictures and Nickelodeon.
Prior to finalizing the Skydance agreement with main shareholder Shari Redstone and Paramount’s board, the three CEOs had already declared intentions to reduce annual costs by $500 million, partly through layoffs. They have already started streamlining redundant roles, such as legal and corporate marketing positions, according to EbMaster’s report.
The cost-reduction goals for the Skydance team have become more ambitious. Jeff Shell, who’s set to lead the merged company, mentioned that Skydance, along with consulting firm Bain & Co., plans to save at least $2 billion annually from Paramount. During a recent media gathering, Shell, who chairs RedBird Sports & Media and was previously CEO of NBCUniversal, stated that a significant portion of these savings will stem from Paramount’s traditional TV division, as he acknowledged its struggles: “We understand that linear is facing challenges and decline… We need to manage these businesses differently as they wane.”
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2024-08-08 23:46