On August 13, the entertainment company Paramount began the process of laying off 15% of its workforce in the United States, which is equivalent to more than 2,000 employees.
The company that owns successful franchises such as “Mission Impossible” announced in recent days that it planned to “cut” part of its workforce as part of a planned restructuring.
The process, according to the memo accessed by Bloomberg, will be carried out in three phases, with the aim of completing 90% of the layoffs during the last days of September. According to the same document, the staff reductions will have a special impact on the areas of finance, marketing, among others.
Paramount, which has about 21,000 employees, laid off about 800 people earlier this year over issues similar to the current ones.
The industry continues to evolve and Paramount is at an inflection point where changes must be made to strengthen our business.”
Just in: Paramount is beginning its layoffs this morning.
The reductions, which will occur over the next several weeks, are part of the company’s effort to find $500 million in cost cuts. pic.twitter.com/bDwPpf53CM
— Mark Stenberg (@MarkStenberg3) August 13, 2024
Paramount says goodbye to its television studio
As part of its goal to reduce its annual costs by $500 million, the US company also announced that it will close its Paramount Television Studios (PTVS) studio at the end of the week.
According to the president of the television division, Nicole Clemens, in an email to the company’s employees, this action seeks to mitigate the major changes in the television and streaming industry as well as the need to rationalize the company.
According to the same statement, series and productions in development will be handled by CBS Studios, a Paramount network, along with other divisions such as MTV and Comedy Central.
Prior to the recent start of layoffs and closures at PTVS, the company revealed that it is facing a difficult moment in the traditional television market due to the fact that the value of its cable networks has been reduced by almost $6 billion dollars.
Despite this, the company’s streaming division, Paramount+, which includes the Pluto TV platform, posted its first quarterly profit in three years.
Similarly, and in previous days, the same company revealed its merger with Skydance, as a way to strengthen its brand, which also meant a symbolic and substantial change in its operation because the Redstone family, who remained the majority shareholder of Paramount, left its position.
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