Paramount to Cut 15 Percent of U.S. Workforce in Major Layoff Plan

[Y2kTheNewOldies]

Paramount to Cut 15 Percent of U.S. Workforce in Major Layoff Plan

The company is also exploring “potential strategic partnerships” for Paramount+ and is reevaluating its portfolio with an eye to improving its balance sheet.

www.hollywoodreporter.com

Some of these cuts are tied to the Skydance Deal.

“The set of assets that make up Paramount Global today were built up through the rise of linear and while we have strong brands and businesses, we must reshape our portfolio to best compete in the future,” said Paramount co-CEO Chris McCarthy. “The assets under consideration are undeniably strong with exciting futures ahead, but will be better served on their own or as the centerpiece of another business.”

The $500 million is included in the $2 billion of cost efficiencies identified by Skydance. In connection with these actions, Paramount expects to incur a restructuring charge of approximately $300 million to $400 million in the third quarter, with the cash impact occurring over the next several quarters.

 

[MadMan]

I got this year with no commercials & Showtime at 50% off. Then they stopped production of my favorite shows

 

[TheBigA]

Updated reporting on the layoffs here

Paramount Global Starts Layoffs, Sees $500 Million in Cuts Before End of 2024

Paramount Global expects to cut $500 million from the company before the end of 2024, with 90% completed by September

variety.com

MSN

 

[only1moore]

This just in….

Paramount Television Studios Shut Down by Paramount Global Cost Cuts

Paramount Television Studios, known for series such as "Jack Ryan" and "Time Bandits" is being shuttered under cost cuts by Paramount Global

variety.com

 

[Will_H_69_9]

we now a race between Warner Brothers Discovery and Paramount Global to see who files for Bankruptcy first.

 

[MadMan]

This just in….

Paramount Television Studios Shut Down by Paramount Global Cost Cuts

Paramount Television Studios, known for series such as "Jack Ryan" and "Time Bandits" is being shuttered under cost cuts by Paramount Global

variety.com

I paid half off for a 1 Year ad free w/ Showtime membership looking forward to more Star Trek episodes as the writers strike had ended. instead everything ended aside from Star Trek Discovery, I hated that one. I will never watch a new Star Trek series again on any Network, I did watch my local CBS Station a few times as I'm 300 miles away. Even then it streamed terribly. I feel ripped off

 

[NoDakObserver]

I paid half off for a 1 Year ad free w/ Showtime membership looking forward to more Star Trek episodes as the writers strike had ended. instead everything ended aside from Star Trek Discovery, I hated that one. I will never watch a new Star Trek series again on any Network, I did watch my local CBS Station a few times as I'm 300 miles away. Even then it streamed terribly. I feel ripped off

Strange New Worlds has a third season coming out sometime in 2025, and they already ordered a fourth season.

 

[MadMan]

Strange New Worlds has a third season coming out sometime in 2025, and they already ordered a fourth season.

It's a great show and the last new episode was in 2023. While new episodes were promised in 2023, my subscription ends next month and there really should be a class action suit against Paramount. They Knew how to take your money but not deliver on the programming?