SEPTEMBER 18, 2024 — ADVERTISING SALES EMPLOYEES TARGETED
Layoffs at Paramount Advertising, the centralized team that manages domestic multiplatform ad sales, has begun
According to Paramount Advertising president John Halley, “Today is going to be a difficult day as this process will affect our org and we will be parting ways with talented and valued teammates and friends. I want to acknowledge how unsettling this may feel, as this is not the first time our org has shouldered impacts. None of this is easy and no decision was made lightly.”
AUGUST 13, 2024 — TV STUDIO CLOSING
Paramount Television Studios will cease operations by August 16, 2024, as part of the continuing restructuring. All productions and projects will be operationally transferred to the CBS Studios umbrella.
“The industry continues to evolve, and Paramount is at an inflection point where changes must be made to strengthen our business. And while these actions are often difficult, we are confident in our direction forward.”
Dear PTVS Family,
As you’re all aware, Paramount Global has made the difficult decision to close Paramount Television Studios as part of the company’s broader restructuring plans. This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune.
Over the past 11 years, PTVS has weathered seemingly insurmountable obstacles through a combination of strength, determination, and unwavering commitment. We met these challenges with incredible resilience, creativity, and passion for what we do, and I could not be prouder of our team. We’ve also had the privilege to collaborate with some of the most brilliant creative talent in the industry to help tell incredible stories seen around the world, entertaining and shaping culture.
Although Paramount Television Studios is ending, our ethos will live on in shows that will continue to be enjoyed by global audiences for years to come. We’ve cemented our legacy by shepherding some of the most influential, award-winning, and critically acclaimed shows in the streaming era with series like “13 Reasons Why,” “The Offer,” “Defending Jacob,” “The Alienist,” “The Haunting of Hill House,” “Station Eleven,” “Time Bandits,” and many more. We have broken streaming platform records with “Tom Clancy’s Jack Ryan,” “Reacher,” and “The Spiderwick Chronicles.” Our upcoming shows, “Cross,” “Before,” and “Murderbot,” are sure to join the ranks of those hits.
This has been the most formative chapter in my career, and that is mainly due to the remarkable colleagues I have had the honor to lead and learn from on a daily basis. Thank you for supporting me, inspiring me, and laughing with me for the last six years — I wouldn’t have wanted to be in the trenches with anyone else.
I want to thank George Cheeks for his leadership and support through it all. There will undoubtedly be some tears as we move on, but this business is a marathon, and I am certain that we will cross paths, if not work together, again.
“Often when you think you’re at the end of something, you’re at the beginning of something else.” – Fred Rogers
With heartfelt gratitude,
Nicole
CBS Team,
As you saw from the email Brian, Chris and I sent earlier, this is a very difficult day at Paramount Global. I’m reaching out to share that today’s news unfortunately impacts CBS, including one of our studios.
A short time ago, we informed the team at Paramount Television Studios (PTVS) that the studio will cease operations at the end of the week. To be clear, this is not a decision based on how PTVS performed. This move is the result of significant changes in the TV and streaming marketplace and the need to streamline our company.
I want to thank PTVS President Nicole Clemens and the talented team she built for the many signature hits they produced. Under Nicole’s leadership, this studio consistently punched above its weight in attracting top storytellers and stars to create best-in-class series. I want to thank every PTVS employee for shepherding a slate of shows that helped usher Paramount into the streaming era.
Going forward, all current PTVS series and development projects will transition to CBS Studios.
In addition to PTVS, there are members of CBS teams who will be leaving the company. These are valued colleagues we admire and respect, whose talents contributed to the leadership position we enjoy today. I want to express my deepest gratitude for their contributions, hard work and dedication.
As we move forward, please keep these co-workers in your thoughts as our HR teams and their teammates help support them through this process.
There is a lot of news to unpack today. I know it’s unsettling. I continue to be impressed and grateful for our teams’ ability to stay focused and stick together during this transitional time.
George
AUGUST 10, 2024 — 15% OF THE DOMESTIC WORKFORCE TARGETED - 2,000+ LAYOFFS
Paramount Global will cut about 15% of its U.S.-based workforce, primarily focused on two areas: first, redundant functions within marketing and communications; second, streamlining our corporate structure, reducing our headcount in finance, legal, technology and other support functions."
Co-CEO Chris McCarthy noted, "We have incredibly talented people at Paramount, and these actions do not reflect their contributions. Rather, they are necessary to transform our organization for the future."
[What he didn’t say: …and to preserve my performance bonus and multi-million dollar stock options.]
JULY 8, 2024 — CUTS TO CONTINUE
Paramount Global will continue reducing the size of its workforce until its merger with Skydance Media closes.
Co-CEOs Brian Robbins, George Cheeks, and Chris McCarthy said, "Until the transaction closes, it's business as usual – we will continue to operate as an independent company and move forward with the strategic plan we outlined at our town hall.”
JUNE 26, 2024 — BLOOD BATH EMINENT
Paramount’s three co-CEOs — Brian Robbins, who runs the movie studio, Chris McCarthy, who handles Showtime and MTV, and George Cheeks, who oversees CBS are touting the sale of assets and deep personnel reductions.
FEBRUARY 13, 2024 — 800 TARGETED
CEO Bob Bakish…
Team,
As we shared at Bob Live in January, returning our company to earnings growth is a top priority in 2024. This will require us to continue to grow revenue while reducing costs. And unfortunately, part of streamlining costs means that today, we will begin the difficult process of saying goodbye to some of our very valued colleagues across Paramount. We will be notifying impacted employees who are based in the U.S. by the close of business today. We’ll share details directly regarding next steps and will do all we can to support you during this time of transition.
There will also be impacts in some of our offices based outside the U.S. Those notifications will occur over time in line with our local legal obligations in each of the countries where we operate. To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication. Your talents have helped us advance our mission of unleashing the power of content around the world. We are a better company because of you. While I realize these changes are in no way easy, as I said last month, I am confident this is the right decision for our future. These adjustments will help enable us to build on our momentum and execute our strategic vision for the year ahead – and I firmly believe we have much to be excited about.
We are coming off of a blockbuster event with Super Bowl LVIII that showcased the full power of Paramount. We’re launching a big slate of new and returning primetime programming on CBS, and last night marked the return of Jon Stewart to The Daily Show. We continue to release films, like Bob Marley: One Love this week, which reinforce our heritage as one of Hollywood’s most iconic movie studios. And we’re coming together as One Paramount more than ever, with continued commitment to our values, culture imperatives and fostering an inclusive workplace.
We should all take time this week to support one another – our colleagues who will be impacted, as well as our teams remaining – in adjusting to this change. Speaking personally, I want our entire team to know that I am committed to sharing updates when we’re able to. As always, I am continually grateful for your commitment to our company. And I’m confident we will navigate this transition and emerge stronger than ever.
Best,
Bob
MAY 26, 2023 — Original post…
New York, New York-based Paramount Media Networks, a mass media division of Paramount Global that oversees the operations of many of its television channels and online brands, has announced a 25% reduction in force across the Showtime, MTV Entertainment Studios, and Paramount Media Networks groups in the United States.
According to Showtime/MTV Entertainment Studios and Paramount Media Networks president Chris McCarthy ...
Team,
As we finalize the integration of SHOWTIME and continue to transform our business for the future, we have set a great foundation for continued success by consolidating our group into two functions:
• Studios – integrating SHOWTIME and MTV Entertainment Studios into one powerful studio team
• Networks – combining nine separate teams into one portfolio group
This combination has resulted in an incredible track record of hits including Yellowstone, 1883, Tulsa King, South Park, The Challenge, Teen Wolf, 1923, Drag Race, Mayor of Kingstown, Your Honor, George & Tammy and Yellowjackets – which, taken together, drove record subscribers across Paramount+ and Showtime and helped Paramount+ lead the industry in new subscriber growth.
However, despite this success in streaming, we continue to feel pressure from broader economic headwinds like many of our peers. To address this, our senior leaders in coordination with HR have been working together over the past few months to determine the optimal organization for the current and future needs of our business.
As a result, we have made the very hard but necessary decision to reduce our domestic team by approximately 25%. This is a tough yet important strategic realignment of our group. Through the elimination of some units and by streamlining others, we will be able to reduce costs and create a more effective approach to our business as we move forward. Today we will notify employees whose positions are being impacted with leaders communicating the news directly to those teams/or individuals. These meetings will be followed by individual 1:1s with our HR partners.
I realize these decisions will be very hard for everyone, most of all, those who will be leaving. It’s not something we take lightly. We have some of the most passionate and dedicated team members, who bring their full selves to drive our brands and business forward. This is why it’s so difficult to say goodbye to our friends and colleagues. To those impacted, we deeply appreciate the passion and creativity you have brought every day. I want to thank you for your many contributions.
Our leadership team and HR partners are committed to ensuring this process is done with empathy and respect.
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. We see good people being laid off through no fault of their own. 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?
