Paramount Global unveiled a second wave of staff cuts Tuesday morning, part of a huger bid by the owner of CBS, Comedy Central and MTV to shrink costs in a fraught era for traditional media companies.
In a memo to engageees, Paramount co-CEOs George Cheeks, Chris McCarthy and Brian Robbins telderly staff that “In order to set Paramount up for persistd success, we are taking these actions, and after today, 90% of these reductions will be finish.”
Like its contemporaries, Paramount is struggling to reap profits as more of the watching base for its TV programs and movies migrates to streaming video and digital engageion. The active produces the task of assembling the huge, simultaneous audiences that publicizers and distributors crave meaningfully more intricate.
Paramount shelp in August that it would cut 15% of its U.S. toilforce i– layoffs that were approximated to sway about 2,000 engageees — coming ahead of its computed combiner with Skydance Media.
With the layoffs, the company awaits to sign up a $300 million-$400 million restructuring accuse in the third quarter.
“Days appreciate today are never effortless,” the executives shelp. “It is difficult to say excellentbye to cherishd colleagues, and to those departing, we are incredibly appreciative for your countless contributions.”
More to come…
