"in a companywide email they would be required to return to working in-person five days a week or take a buyout, part of a series of efficiency changes to "unlock Paramount's full potential," according to the memo, as reported by Fox News. "As I said during our town hall, some of the most formative moments of my life happened in rooms where I was a fly on the wall, listening and learning. I've never seen that happen on Zoom," Ellison said in the letter."
"About 600 employees in the company's Los Angeles and New York offices at the vice-president level and below took the buyout, according to company disclosures filed on Monday-and the severance packages set Paramount back $185 million. The filings cited restructuring costs "associated with actions to align the business around our strategic priorities." According to a shareholder letter released Monday ahead of the company's earnings presentation, Paramount expects to incur $1.7 billion in restructuring expenses."
Following the $8 billion merger, CEO David Ellison required employees to return to in-person work five days a week or accept buyouts. Ellison said formative moments occur in rooms where people can listen and learn, not on Zoom. About 600 vice-president-level-and-below employees in Los Angeles and New York accepted buyouts, and severance payments totaled $185 million. Company filings cited restructuring costs tied to aligning the business around strategic priorities and projected $1.7 billion in restructuring expenses. Paramount experienced prior years of instability and management turnover before the merger. NBCUniversal later issued a similar return-to-office ultimatum for four days a week or severance.
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