Paramount Global — the parent company off CBS, Paramount Pictures, Showtime, and numerous other media properties — is reportedly set to lay off “hundreds” of employees across nearly all of its divisions.
The impending cuts represent the latest Hollywood bloodbath following layoffs at other corporations, including Disney, NBCUniversal, Amazon MGM Studios, and Universal Music Group.
Hollywood is feeling the squeeze on multiple fronts. Households continue to cut the cord by the millions while the advertising market is still in the doldrums due to poor consumer sentiment tied to President Joe Biden’s economic policies.
Meanwhile, consumers are cutting back on discretionary expenses, like entertainment, as the cost of food, energy, insurance, and other essentials continues to skyrocket.
Paramount’s layoffs will be in the hundreds, affecting virtually every division, with senior executives given reduction targets to hit, according to a Deadline report. The layoffs will start February 1, with those affected being told to leave as quickly as within three days.
Last year, Paramount slashed 25 percent of its employees across multiple media properties. As part of the reductions, it shut down MTV News.
Paramount’s case is somewhat unique given the acquisition rumors that have swirling around the company in recent months. Among the potential suitors is David Ellison’s Skydance Media, which teamed up with Paramount on Top Gun: Maverick and the latest Mission: Impossible movies.
