Earlier this year, it was reported that Paramount Global planned to reduce its workforce by 15% with approximately 2,000 employees being laid off. The plan is for the company to save $500 million annually, and with Skydance Media purchasing a majority control in Paramount Global, the second phase of layoffs began on Tuesday.
The Paramount+ communications team has been hit by the layoffs with The Wrap reporting that Senior vice presidents Morgan Seal and Amanda Cary and seven members of the content strategy team were let go. According to the report, the team worked as a liaison between the streaming platform and the studios on multiple hit series including the Star Trek franchise and the Yellowstone universe.
The Hollywood Reporter obtained a copy of the memo that was sent to staff on Tuesday morning from Paramount Global’s three co-CEOs Brian Robbins, George Cheeks and Chris McCarthy:
Hi Everyone,
We are following up on the note below [the August memo announcing the first round of cuts] to inform you that today, we will begin phase two of our workforce reductions in the US.
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. In order to set Paramount up for continued success, we are taking these actions, and after today, 90% of these reductions will be complete.
Days like today are never easy. It is difficult to say goodbye to valued colleagues, and to those departing, we are incredibly grateful for your countless contributions.
We appreciate everyone’s resilience and commitment to delivering some of the biggest hits across TV and Film, and for continuing the hard but necessary work to best position the company for the future.
Thank you,
George, Chris & Brian
The Wrap also reported that layoffs also affected CBS Broadcasting employees in New York, Washington and Los Angeles. Dylan Byers on Puck News tweeted that CBS Saturday Morning co-host Jeff Glor.
The company started the year off with reports of layoffs coming as the media industry is being shaken up by cord cutting and viewing habits. In late 2023, there were reports that Paramount Global would lay off around 1,000 employees in early 2024. In February, the company ended up laying off 800 employees to reduce its workforce by around 3%, according to CNN, which was shortly after having strong Super Bowl streaming numbers.
The remaining 10% of planned layoffs have yet to be announced by Paramount Global.
Credit: The Wrap, The Hollywood Reporter