Paramount Global, the parent company of CBS, Paramount Pictures, Showtime and numerous other media properties, reportedly plans to lay off “hundreds” of employees across nearly every division.
The impending layoffs represent Hollywood's latest disaster, following layoffs at other companies including Disney, NBCUniversal, Amazon MGM Studios and Universal Music Group.
Hollywood is feeling the squeeze on many fronts. Households continue to cut the cord with millions of dollars as the advertising market remains depressed due to weak consumer sentiment caused by President Joe Biden's economic policies.
Meanwhile, consumers are cutting back on discretionary expenses like entertainment as prices for food, energy, insurance and other necessities continue to rise.
According to Deadline, Paramount's layoffs will be in the hundreds, impacting nearly every division, and senior executives will be given a reduction target to meet. report. The layoffs will begin on February 1, and those affected will be ordered to immediately resign within three days.
Last year, Paramount cut 25 percent of its workforce across multiple media properties. As part of the cuts, it shut down MTV News.
Paramount's case is a bit unique, given the takeover rumors surrounding the company in recent months. Potential suitors include David Ellison's Skydance Media, which has partnered with Paramount. top gun: maverick and the latest Mission Impossible movie.
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