SEPTEMBER 13, 2021 WARNING OF ANOTHER RESTRUCTURING UNDER NEW MANAGEMENT
In response to a management shakeup, ViacomCBS Inc has announced they will be restructuring the operations of its Paramount Pictures movie and television production unit.
Under the new structure, the movie and television arms will be operated as separate entities and concentrating on producing content for the company’s cable and streaming networks.
NOVEMBER 21, 2020 — 100 EMPLOYEES TO BE LAID OFF COMPANY-WIDE
Restructuring and cost-cutting continue at the combined companies. Targeted are 100 employees, including corporate, finance, and advertising sales positions, primarily within the CBS Entertainment divisions.
Layoffs will be continuing as the company hopes to achieve $750 million in savings. At least 500 employees have been laid off since the merger.
APRIL 23, 2020 — Original post…
New York, New York-based ViacomCBS, the media conglomerate, has announced that it will be continuing to reduce operational costs by laying off freelance contract employees while retaining full-time company employees. However, that is not a guarantee that full-time employees will not be affected as the economy continues to decline and the streaming competition continues to increase.
While the company declines to provide exact numbers, it is believed that hundreds of per-project freelancers may be involved nationwide.
A company spokesperson noted, "Like many businesses, COVID-19 has had an unprecedented effect on our industry. With so many of our productions on hold for the past month and into the foreseeable future, we made the difficult decision to release a number of freelance and project-based employees, particularly in production while the shutdown is in place.”
To be noted, a number of full-time employees had already been laid off as the company struggled to eliminate the position and operation redundancies during the Viacom-CBS merger. It appears that this reduction in force was halted as a response to the COVID-19 pandemic, but will, in all likelihood, resume once the company returns to full operational status.
And it is not known how many of these layoffs were initiated when California signed AB-5 into law that forced companies to reclassify freelance workers as company employees and eligible for company benefits.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?