Paramount Begins “Phase Two” of Company-Wide Layoffs

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Paramount Begins “Phase Two” of Company-Wide Layoffs

As a seasoned gamer who has survived countless boss battles and level-ups, I can’t help but draw parallels between my gaming life and the ongoing corporate saga at Paramount. Just like in a game where resources are limited and survival depends on tough decisions, companies have to make similar choices to stay competitive. However, unlike in games, there are real people behind these cuts, and that’s where the metaphor ends.

Paramount is implementing another round of major company-wide layoffs on Tuesday.

This morning, as a dedicated team member, I received a memo from our co-CEOs, George Cheeks, Brian Robbins, and Chris McCarthy, announcing that we’re moving into phase two of our workforce adjustments today. They shared that by the end of today, approximately 90% of these changes will be implemented.

Recently, top management unveiled a comprehensive downsizing initiative aiming to reduce 15% of our workforce as part of an effort to achieve $500 million in financial savings. Shortly after this announcement, the initial wave of job reductions was carried out, and the co-CEOs informed employees that these cuts would occur in three stages.

In the recent round of reductions, one of the modifications included closing down Paramount TV Studios and also witnessing several prominent executives leaving their positions.

Though the exact areas impacted by the cuts on Tuesday aren’t yet apparent, the joint CEOs stated that “just like the media sector as a whole, we are striving to boost the profitability of streaming services more swiftly and adapting to the changing dynamics in our conventional industries.

It’s uncertain at this point when exactly the company will carry out the last 10%, but they had earlier aimed for the end of 2024.

You can read the full memo from Robbins, McCarthy and Cheeks below.

Hi Everyone,

As a dedicated follower, I’m reaching out to update you regarding the next step following the August memorandum about the initial workforce adjustments. Today, we embark on phase two of these changes within the US operations.

As a gamer, I’m all about adapting to new challenges and seizing opportunities. Just like the gaming world, the media industry is constantly evolving too. We’re speeding up our streaming revenue growth while simultaneously navigating changes in our conventional businesses. To ensure Paramount thrives, we’re making strategic moves, and by today, approximately 90% of these adjustments will be wrapped up.

Today-type days aren’t a breeze. Bidding farewell to cherished coworkers is challenging, and to those who are leaving, our gratitude knows no bounds for the numerous ways you’ve enriched us.

We value everyone’s tenacity and dedication in producing some of our most successful TV shows and films. Keep up the tough but essential efforts as we strive to set our company up for a promising future.

Thank you,

George, Chris & Brian

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2024-09-24 15:25