“We must reduce the size of our workforce,” says Paramount CEO following merger with Skydance.
Skydance-owned Paramount (US) has commenced layoffs of 2000 staff.
Around 1,000 mostly US-based workers are being let go in the first round, and around another 1,000 to follow.
CEO David Ellison sent a “Tough Day” memo to employees worldwide. Additional layoffs are expected globally which could impact Network 10 / Paramount ANZ.
The job cuts follow the merger of Paramount with Skydance three months ago.
“Dear All,” Ellison wrote, “When we launched the new Paramount in August, we made clear that building a strong, future-focused company would require significant change – including restructuring the organization. As part of that process, we must also reduce the size of our workforce, and we recognize these actions affect our most important asset: our people.
“We want to be as open and direct as possible about the reasons behind these changes. In some areas, we are addressing redundancies that have emerged across the organization. In others, we are phasing out roles that are no longer aligned with our evolving priorities and the new structure designed to strengthen our focus on growth. Ultimately, these steps are necessary to position Paramount for long-term success.
“That said, today we begin the difficult process of informing impacted team members across the company. These decisions are never made lightly, especially given their effect on our colleagues who have made meaningful contributions to the company. To this end, we are committed to supporting all employees through this transition. Members of our HR team will be working closely with business unit leaders to share detailed information on benefits and transition services. Additional questions can be directed to [human resources].
“We are deeply grateful for your hard work, professionalism, and resilience during this period of transition. We remain confident that Paramount’s best days are ahead, and we’re committed to building a strong foundation for the future.
“Thank you,
David”
Update: Cuts are hitting execs, CBS News, MTV and CMT you can read here.