International Courant
Paramount International headquarters in New York, U.S., on Tuesday, August 27, 2024.
Yuki Iwamura | Bloomberg | Getty Photos
Paramount Worldwide has begun the second section of deliberate layoffs in the US because the media big seeks higher profitability, in keeping with an inside memo seen by Reuters.
The cuts are a part of the corporate’s efforts to cut back annual prices by $500 million because it streamlines its operations in preparation for the merger with Skydance Media.
Decisive began slicing jobs in August and plans to put off 15% of its U.S. workforce in three phases by the tip of the yr. About 90% of the layoffs shall be accomplished after Tuesday, the memo stated.
The corporate has additionally written down the worth of its cable networks by 6 billion {dollars} final month, as the corporate grapples with a decline in its conventional cable TV enterprise, pushed partly by advertisers more and more shifting their spending to streaming platforms.
The corporate’s administration stated in August that the layoffs would result in costs of $300 million to $400 million within the third quarter.
