Paramount starts second phase of its planned layoffs

As a seasoned movie buff who’s weathered countless industry storms, I must say, the news of Paramount Global’s Phase 2 layoffs feels like a familiar gust of Hollywood wind. The silver screen has always been an ever-changing landscape, and it seems that change is once again knocking at our doorstep.

As a cinephile penning my thoughts, I’ve got some troubling news to share from the world of cinema: Paramount Global, a titan in our industry, is embarking on Phase 2 of their planned workforce reduction, as per a memo dispatched early Tuesday morning by the company’s joint CEOs.

The exact amount of job reductions during this specific period remains undisclosed. However, the company had earlier indicated that there would be three rounds of layoffs, with the first taking place in August. Following the cuts made on Tuesday, approximately 90% of these layoffs will have been carried out, as stated in a recent memo. In total, roughly 15% of the U.S. workforce employed by this company, which equates to around 2,000 individuals, will be affected by these job cuts across all three phases.

As film enthusiasts, just like many others in the Media industry, we’re focusing on speeding up the profitability of our streaming services while adapting to the constantly changing environment in our conventional businesses. It’s never easy when days come that require us to bid farewell to valued colleagues. To those who are leaving, we express our deepest gratitude for your immeasurable contributions.

In June, Paramount officials stated that the job cuts were intended to reduce annual expenses by approximately $500 million. They mentioned then that these layoffs would primarily target redundant roles in media and communications sectors, and also aimed to simplify our corporate framework, such as finance, law, technology, and other supporting departments.

David Ellison’s company Skydance Media, in partnership with RedBird Capital Partners and Larry Ellison, co-founder of the software behemoth Oracle Corp., are set to assume control of Paramount by the first half of next year, assuming regulatory approval for the transaction is granted.

As I prepare to step into the role of CEO at Paramount following the completion of the deal, my vision is to transform this iconic Hollywood institution into a dynamic media and technology company. A key aspect of this transformation involves optimizing our ad engine and algorithmic capabilities for Paramount+, our streaming service. By leveraging advanced AI tools, I aim to boost creativity and streamline production processes, making us more efficient and competitive in the industry.

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2024-09-24 19:02