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Paramount co-CEOs Chris McCarthy, Brian Robbins, and George Cheeks made the announcement in a memo to employees, stating that the layoffs will occur in three phases. A total of nearly 2,000 jobs, 15% of Paramount’s workforce, is planned to be cut by the end of 2024.
The first wave of layoffs starts on Aug. 13, and 90% of the cuts will be done by the end of September. “The industry continues to evolve, and Paramount is at an inflection point where changes must be made to strengthen our business. And while these actions are often difficult, we are confident in our direction forward,” the co-CEOs said in their memo. “We understand that you may have questions about next steps, and while we may not be able to provide all the answers at this time, we will continue to update you on our progress.
Last month, controlling shareholder Shari Redstone decided to leave the company her family has headed for over three decades when she reached an $8 billion deal with tech giant David Ellison. Ellison’s Skydance Media, along with RedBird Capital Partners and Ellison’s father, Larry, are set to take control of Paramount Global next year.
Demonstrators picket outside the Paramount Pictures Studio in Los Angeles on Sept. 21, 2023. Paramount Global has been struggling to overcome a hit to its once-solid base of profits: cable TV.
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