The announcement came at a town hall meeting with Paramount Global’s co-CEOs soon after failed merger talks with production company Skydance Media.
Some 500 employees learned of the grim plans — which also include revamping its Paramount + streaming service and hiring bankers to sell off unspecified assets — at a Tuesday all-hands meeting with the company’s three co-CEOs Brian Robbins, Chris McCarthy and George Cheeks.
earlier this month between media heiress Shari Redstone, Paramount’s controlling shareholder, and Skydance Media, a producer of the “Mission: Impossible” franchise.Redstone is now reportedly in talks with media mogul Edgar Bronfman Jr., who has partnered with buyout firm Bain & Co. to explore a possible takeover. While McCarthy said revenue increased by 13% between 2018 and 2023, he said Paramount’s operating income before depreciation and amortization has declined by 61% over the same period — underlining the need for a companywide slimdown. “Let me be clear: a 61% decline in profits is simply unacceptable,” McCarthy said. “We need to act now to reverse this trend.”Kevin Costner officially rules out ‘Yellowstone’ return: ‘I’ll see you at the movies’ Shari Redstone’s refusal to sell Paramount to Skydance won’t keep her away from the negotiating table for long The co-CEOs did not provide numbers on the looming layoffs and told an attendee they were not prepared to give a timeline for job cuts during the Q&A session, The co-CEOs announced bankers have been hired to sell unspecified assets to pay down debt, another part of the three-pillar plan.sold both CBS’ New York BlackRock building McCarthy said Paramount’s streaming platform has shown progress since the June 4 shareholder meeting. Paramount+ hit 71 million subscribers, which is up from 67.5 million in the previous quarter, he said.Judge slams Karen Read for smirking at her as she awaits fate in murder trial: 'This is funny? We're done'I caught a woman's hubby cheating on a flight — and I'm doing the Lord's work by exposing himJudge slams Karen Read for smirking at her as she awaits fate in murder trial: 'This is funny? We're done'
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