Paramount Initiates Next Round Of Layoffs In Ongoing Effort To Cut 15% Of U.S. Workforce
deadline.comParamount Global has initiated the next phase of its plan to lay off 15% of its U.S. workforce, saying the cuts will be 90% complete after further cutbacks today.
George Cheeks, Chris McCarthy and Brian Robbins conveyed the news to staffers in a memo this morning. (Read it in full below.) The Co-CEOs months ago said they were aiming to achieve $500 million in annual cost savings, with layoffs a key component in hitting that target.
Sources have indicated to Deadline in recent days that the streaming organization within Paramount, encompassing several departments, is expected to be the most directly affected by Phase 2.
The company’s advertising division was targeted by a number of cuts last week. Over the course of the year, a number of high-profile execs have left the company and Paramount Television has shut down, with its shows moving to CBS Studios. “Like the entire Media industry, we are working to accelerate streaming profitability while at the same time adjusting to the evolving landscape in our traditional businesses.
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