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Layoffs are apparently within the works at Paramount.
Prime line
On Thursday, Paramount CEO Bob Bakish despatched an inside memo seemingly saying cuts, saying a 2024 precedence is to drive earnings by rising income and intently managing prices.
The memo got here amid information that talks have heated up for a Paramount purchaser. Bloomberg reported that David Ellison’s Skydance Media is making a proposal to the Redstone household for Nationwide Amusements, a holding firm that instantly or not directly owns 77% of the voting shares of Paramount and in addition controls CBS.
Between the traces
Within the memo, obtained by Adweek, Bakish notes that the steadiness between income development and managing prices would require “each group, division and model to be aligned.”
As the corporate appears to leverage the complete energy of its portfolio and drive streaming TV profitability, Bakish mentioned Paramount will function as a “leaner firm and spend much less.”
The corporate may even look to broaden its shared companies mannequin because it tries to “streamline operations.”
“This does imply we are going to proceed to cut back our workforce globally,” Bakish mentioned. “These selections are by no means simple however are important on our path to earnings development. We are going to proceed to be as considerate as we may be, talk when there may be data to share, and assist our groups all through.”
Presently, it’s not recognized what number of cuts are on the way in which, as Paramount declined to remark.
Regardless of a proposal for Paramount, the potential cope with Skydance Media is reportedly preliminary and will nonetheless collapse.
Rumors round the way forward for Paramount have been swirling since late final yr after a report that Warner Bros. Discovery CEO David Zaslav and Bakish had met to debate a potential merger.
Backside line
The layoff information is the newest to shake the TV and media trade, with specialists anticipating extra consolidation because the yr goes on.
In early January, Mike Hopkins, svp at Prime Video and Amazon’s MGM Studios, introduced in a memo despatched to workers that the corporate would reduce a number of hundred jobs. As well as, Bloomberg just lately reported that Twitch is shedding 500 workers, or about 35% of its employees.
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