As a seasoned entertainment industry veteran, I can’t help but feel a pang of sadness and concern as I read about Paramount‘s decision to cut 15% of its U.S.-based workforce. Having weathered numerous changes and evolutions in this dynamic field, I know firsthand the impact such decisions can have on individuals and teams.
Paramount will begin cutting 15 percent of its U.S.-based workforce beginning today.
In their internal communication, the joint CEOs of Paramount, Chris McCarthy, Brian Robbins, and George Cheeks, have informed staff about impending job reductions starting on Tuesday. These reductions will take place over three distinct phases, with phase one commencing immediately and extending until the end of 2024. They further clarify that approximately 90% of these layoffs will be completed by September this year.
“The business landscape is constantly changing, and Paramount finds itself at a crucial stage where adjustments are necessary for growth. These alterations can sometimes be challenging, but we are certain about the path we’re taking. We acknowledge that you might have queries regarding future moves, and though we may not have all the solutions right now, we promise to keep you informed about our advancements.”
Last week, executives revealed their intended budget reductions on the company’s latest earnings conference call, stating they aim to achieve a $500 million reduction in expenses this year. This decision is expected to lead to the elimination of numerous positions, as Paramount currently employs over 21,000 people (having let go around 800 employees earlier this year).
As a devoted fan, I’m bracing myself for changes across all divisions, but here’s what the executives are hinting at: they’re going to eliminate redundancies and streamline our corporate teams right away.
The job cuts occur as Paramount approaches the conclusion of its “go-shop” phase, during which potential buyers may surface to acquire the company. This decision follows Shari Redstone’s agreement with National Amusements to sell Paramount to a group dominated by Skydance and RedBird Capital.
Despite the deal not expected to be finalized until late in 2025, Paramount’s co-CEOs must keep managing the company effectively and carry out their strategic plan diligently.
Read the memo:
Hi Everyone,
In June, we unveiled our Strategic Plan aimed at reviving Paramount’s growth with a profit orientation. This plan involves simplifying the structure of the company and reducing expenses by about $500 million each year. As we progress with this strategy, we recently disclosed during our financial call that we will be trimming our US workforce by approximately 15%. This reduction is focused on eliminating redundancies and streamlining our corporate departments.
Based on my years of project management experience, I can confidently say that this process will unfold in three distinct stages, commencing today and running until the end of the year. With my past projects in mind, I anticipate that approximately 90% of these tasks will be finalized by the close of September.
It’s tough to say goodbye to teammates whose impact has been crucial to our victories. Working with our HR department, we are dedicated to aiding employees leaving Paramount and our teams adjusting to these shifts. In the meantime, let’s all remember how this news could affect our colleagues and offer them the help they might require.
As a seasoned professional in the ever-changing landscape of our industry, I find myself standing at a pivotal moment where the winds of change are blowing hard and fast. It is clear that for Paramount to remain competitive and thrive, we must adapt and evolve. These changes may be challenging, but I am confident in our ability to navigate this transition successfully.
We continue to express our heartfelt appreciation for the tireless efforts you put into producing outcomes that resonate with our viewers and neighborhoods.
Best,
George, Chris & Brian
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2024-08-13 15:55