The bloodshed at Paramount Global continued on Tuesday, as the struggling media giant began a second round of layoffs as part of its previously announced plan to cut 2,000 jobs.
Paramount co-CEOs George Cheeks, Chris McCarthy and Brian Robbins revealed in a memo that “90% of these cuts will be completed” by the end of Tuesday.
“Like the entire media industry, we are working to accelerate streaming profitability while simultaneously adjusting to the evolving landscape in our traditional businesses,” the CEO said. “Days like today are never easy. It's difficult to say goodbye to valued colleagues, and for those who are leaving, we are incredibly grateful for their countless contributions.”
Paramount said in August that it would cut its US workforce by 15%. $500 million cut from budget Prior to its planned merger with Skydance Media, which is expected to be finalised next year,
It's unclear when the final 10% cut will be implemented, but it will likely happen before the end of 2024, according to insiders.
The cuts will impact CBS News — and are likely to impact its Washington, D.C., bureau after the 2024 presidential election, as the network has decided to move the “CBS Evening News” from the nation’s capital to New York, sources told The Post.
The move included a long-standing announcement made in the summer “CBS Evening News” anchor Norah O'Donnell to be out the final broadcast after the election, and that will be They were replaced by CBS News journalist John Dickerson and WCBS anchorman Maurice DuBois.
A rep for CBS had no comment.
The first round of cuts included Closure of Paramount TV StudiosWho was known for producing shows like “The Offer”, “Reacher” and “13 Reasons Why”.
The company also wrote down the value of its cable networks by $6 billion last month as it grapples with a decline in its traditional cable television business, driven in part by advertisers increasingly shifting their spending to streaming platforms.
Company executives said in August that the job cuts expected to cost $300 million to $400 million in the third quarter.
