Paramount is implementing another round of major company-wide layoffs on Tuesday.
In a memo to staff Tuesday morning, co-CEOs George Cheeks, Brian Robbins and Chris McCarthy said that the company will undergo “phase two” of its workforce reductions today, but that by the end of the day “90 percent of these reductions will be complete.”
Last month the executives announced a sweeping plan to cut 15 percent of the company’s U.S. workforce in pursuit of $500 million in cost-savings. The first round of layoffs took place shortly after that announcement, with the co-CEOs telling staff that the cuts would happen in three phases.
Among the changes made in the last round of cuts was the shuttering of Paramount TV Studios, as well as the departure of a number of high-profile execs.
While it is not immediately clear where Tuesday’s cuts will hit hardest, the co-CEOs wrote that “like the entire Media industry, we are working to accelerate streaming profitability while at the same time adjusting to the evolving landscape in our traditional businesses.”
It is also not immediately clear when the company plans to implement the final 10% of cuts, though the executives previously targeted the end of 2024.
You can read the full memo from Robbins, McCarthy and Cheeks below.
Hi Everyone,
We are following up on the note below [the August memo announcing the first round of cuts] to inform you that today, we will begin phase two of our workforce reductions in the US.
Like the entire Media industry, we are working to accelerate streaming profitability while at the same time adjusting to the evolving landscape in our traditional businesses. In order to set Paramount up for continued success, we are taking these actions, and after today, 90% of these reductions will be complete.
Days like today are never easy. It is difficult to say goodbye to valued colleagues, and to those departing, we are incredibly grateful for your countless contributions.
We appreciate everyone’s resilience and commitment to delivering some of the biggest hits across TV and Film, and for continuing the hard but necessary work to best position the company for the future.
Thank you,
George, Chris & Brian