Paramount Global was to begin laying off 15% of its workforce in the U.S. starting Tuesday as part of its planned job cuts, the media giant said in an internal memo.
Paramount, which owns networks like CBS, MTV, and Comedy Central, aims to reduce annual costs by $500 million and return to profitable growth before its merger with David Ellison's Skydance Media.
In an internal memo, Paramount's co-CEOs said the company is at an "inflection point" where changes are necessary to strengthen the business.
The layoffs, which were announced during a post-earnings call last week, are expected to affect about 2,000 people....
The restructuring comes as the New York-based company navigates a challenging linear TV market, having recently written down the value of its cable networks by nearly $6 billion.
They also own Pluto and Paramount+. Supposedly they hit profitability on their streaming operations for the first time. I assume most of that was for Pluto. I don't hear people talking about Paramount+ much, though they have... Yellowstone? Is that right?
Anyway, they've continually ruined their most valuable IP, Star Trek, and made it Star-Wars-level, and I don't mean that in a good way.
The latest girlboss video game movie bombed. Borderlands has not one but two Girls Who Are the Key to Everything.
Plus Jack Black being " " " funny. " " "