"The newly formed company, which oversees media assets like CBS, MTV, and Comedy Central, is now preparing to cut jobs across its business, according to Variety. The layoffs are expected to occur by early November, when Paramount is scheduled to report third-quarter earnings, impacting around 2,000 to 3,000 jobs. The company is aiming for $2 billion in annual cost savings."
"The cost savings were first mentioned in a July 2024 presentation to investors, following the announcement of the Paramount-Skydance deal. Jeff Shell, the former CEO of NBCUniversal and now the president of Paramount-Skydance, said during the presentation that the company worked with consulting firm Bain & Co. to find at least $2 billion in annual cost savings. Shell indicated that the majority of cuts will affect Paramount's linear TV businesses, including cable networks and broadcast,"
Skydance Media and Paramount Global completed an $8.4 billion merger and formed Paramount, a Skydance Corporation. The new company manages media assets including CBS, MTV, and Comedy Central. Paramount plans workforce reductions affecting roughly 2,000 to 3,000 jobs by early November to pursue approximately $2 billion in annual cost savings. Prior cuts included about 2,000 employees (15% of U.S. staff) in August 2024 and additional reductions in June 2024. As of Dec. 31, 2024, Paramount employed about 18,600 full-time and part-time workers, while Skydance has around 500 employees. Leadership engaged consulting firm Bain & Co. to identify targeted savings.
Read at Entrepreneur
Unable to calculate read time
Collection
[
|
...
]