Mass Layoffs at Paramount Officially Begin – Essence

Paramount’s plan to put off 15 percent of its U.S. workforce has officially begun.

On Aug. 13, Paramount co-CEOs Chris McCarthy, Brian Robbins and George Cheeks said in an internal memo that the layoffs would happen in three phases, with the primary phase starting Tuesday. The remaining staff cuts could be implemented through 2024.

“The industry continues to evolve and Paramount is at an inflection point where changes are necessary to strengthen our business,” the note reads. report from The Hollywood Reporter. “And while these actions are often difficult, we are confident that we will move forward. We understand that you may have questions about next steps, and while we cannot provide all the answers at this time, we will continue to update you on our progress.”

According to reports, the corporate’s executives addressed the approaching layoffs during its quarterly earnings call, pointing to $500 million in cost savings because the offender. Thousands of jobs can be lost because of this.

The full text of the note reads as follows:

The decision is just the most recent in a series of closures in Hollywood, with the list of studio layoffs growing.

A+E Networks, Dr. Phil’s network Merit Street Media, Disney, Fox and lots of other corporations have made significant job cuts this 12 months.