"Perhaps as soon as next week, upwards of 2,000 workers at CBS, Paramount Pictures, Pluto, Paramount+, and iconic cable networks such as MTV and Comedy Central will be told that they no longer have jobs. A letter will go out from Paramount CEO David Ellison or one of his underlings expressing sadness over this turn of events and likely lamenting that these layoffs were unavoidable, the result of "radical shifts in the entertainment industry" that necessitated dramatic cost reductions."
"And then, without missing a beat, and without any sense of irony, Ellison will go back to work figuring out how to spend billions that Paramount supposedly doesn't have so he can buy up an even bigger company, Warner Bros. Discovery; mine it for intellectual property; combine two major studios and TV-network operations into one - and then cut even more jobs."
Paramount is poised to lay off roughly 2,000 employees across CBS, Paramount Pictures, Pluto, Paramount+, MTV, and Comedy Central. Company leadership is expected to frame cuts as unavoidable due to "radical shifts in the entertainment industry" and the need for dramatic cost reductions. David Ellison intends to pursue acquisition of Warner Bros. Discovery to extract intellectual property, combine studio and network operations, and reduce costs further. Warner Bros. Discovery is exploring strategic options, including sale or a split into streaming and legacy businesses, and has acknowledged interest from multiple parties. A takeover is not yet inevitable.
Read at Vulture
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