Paramount Advertising has been forced to cut jobs after Paramount Global cut its U.S. workforce by 15%.
“Paramount Advertising has become the latest victim as the media giant cuts 15% of its U.S. workforce in a bid to cut $500 million in annual costs across the company,” the report said. The Wrap.
The exact number of job cuts at Paramount Advertising is unclear, but the team oversees ad sales for major platforms including CBS, BET, Comedy Central, MTV, Nickelodeon, Paramount+ and Pluto TV.
Paramount Advertising President John Harry said in a memo to employees on Tuesday that the company is “parting ways with talented and valued teammates and friends.”
“This will be a difficult day as this process impacts our organization and means parting ways with talented and valued teammates and friends,” Harry said. “I understand how unsettling this may be as this is not the first time our organization has been impacted in this way. None of this is easy and this is not a decision made lightly.”
Paramount Global announced in August that it would close its TV studios and lay off thousands of people amid the industry's uncertain future. In a memo to staff at the time, president Nicole Clemens said the industry-wide transformation was having a major impact on the studio.
“As you all know, Paramount Global has made the difficult decision to close Paramount Television Studios as part of the company's broader restructuring plans.” The note read:“This is a challenging and transformative time for the entire industry, and unfortunately our studio is no exception.”
“Over the past 11 years, PTVS has overcome seemingly insurmountable obstacles through a combination of strength, determination and unwavering commitment. We faced these challenges with incredible resilience, creativity and passion for our work. I couldn't be more proud of our team,” he added.
As Breitbart News reported in August, Paramount Global plans to cut its workforce by 15%. The reported cuts are aimed at reducing Paramount's spending by $500 million in 2025, with a primary focus on marketing, communications, legal and technology. Paramount Global co-CEO Chris McCarthy announced the changes during the company's second-quarter earnings call last Thursday.
“These steps will be implemented over the next few weeks and will be substantially completed by the end of the year,” McCarthy said. “As you can imagine, this is a difficult decision. Paramount has incredibly talented people and these steps are not a reflection of their contributions; rather, they are necessary to transform streaming and transform our organization for what's next.”
The entertainment industry took a big hit in August after Warner Bros. Discovery saw its stock price plummet by $11.2 billion after the company reported “second-quarter earnings below expectations on Wednesday, with both revenue and profit falling short of expectations.” Yahoo Finance.
