Paramount eyes massive round of job cuts in early – Business News
It might be a turkey of a Thanksgiving for hundreds of Paramount workers.
The media giant is focusing on early November for what one insider known as an epic “bloodbath” — a massive round of layoffs following its merger with Hollywood studio Skydance Media, The Post has realized.
Jeff Shell — the previous NBCUniversal boss tapped by Skydance as Paramount’s new president — has instructed managers on the home to Paramount Pictures, CBS, MTV and Showtime to begin compiling “kill lists,” a source with data stated.
Those lists of workers to be fired might be submitted to company overlords in October and layoffs — which can save the media giant over $2 billion — will roll out in early November, based on sources.
David Ellison’s Paramount Skydance is predicted to make cuts in early November as half of its plan to avoid wasting $2 billion, The Post has realized. Evan Agostini/Invision/AP
“It’s going to be a bloodbath,” the source stated. “It’s going to be ugly.”
The cuts will coincide with Paramount Skydance’s third-quarter earnings, in addition to an investor presentation by new management on its plans for the company, the particular person added.
A rep for Skydance declined to remark.
Last week, Shell instructed journalists at a press convention in Los Angeles that the cuts might be “painful” and can happen in one fell swoop — however didn’t elaborate on the timing.
“We do not want to be a company that has layoffs every quarter,” Shell stated, citing fixed waves of cuts underneath Paramount’s earlier management.
The former NBCUniversal government, who was tapped by David Ellison to be his prime lieutenant after Paramount’s long-stalled $8.4 billion merger with Skydance lastly closed in early August, added:
“So, it’s going to be painful. It’s always hard, but we don’t want to be a company that every quarter is laying people off. It is important for us to get done what we’re doing in one big thing and then be done with it.”
Company president Jeff Shell stated earlier this month that the cuts can be “painful” and occur suddenly. REUTERS
Ellison, the CEO of Paramount Skydance, Shell and different brass touted their imaginative and prescient to revive the flagging company during a press convention the prior week in New York with out giving many specifics.
The son of billionaire Oracle co-founder Larry Ellison stated restructuring might “exceed” the $2 billion goal, but in addition declined to offer a timeline for when the ax would fall.
Ellison additionally stated Paramount’s new government crew doesn’t buy into the concept a company will be cut into growth – a assertion reiterated on the LA press convention attended by Ellison, Shell, Paramount+ chief Cindy Holland, TV Media boss George Cheeks, movie heads Dana Goldberg and Josh Greenstein and chief working officer Andy Gordon.
(From left) Paramount Skydance management Jeff Shell, president; Gerry Cardinale, founder and managing associate of RedBird Capital; David Ellison, chief government officer; George Cheeks, chair of TV media; and Andy Gordon, chief strategy officer and chief working officer. CBS
But adjustments are already afoot on the giant. As beforehand reported by The Post final week, “CBS Evening News” government producer Guy Campanile is transferring back to “60 Minutes.” The announcement was made internally earlier this week, The Post has realized.
Additionally, Campanile is predicted to get replaced by “Evening News” senior producer Kim Harvey, The Post reported. CBS News boss Tom Cibrowski can be poised to remove one of the nightly broadcast’s two anchors, both John Dickerson or Maurice DuBois, sources instructed The Post. Insiders tipped DuBois for sole anchor spot.
The newly merged company is predicted to slash over $2 billion in prices, as half of an effort to remake the media giant. REUTERS
Meanwhile, there’s buzz that Ellison is in talks with journalist Bari Weiss, in addition to former CBS News president David Rhodes, to hitch the community.
Ellison, who took the reins from Shari Redstone’s media empire, additionally turned heads following the deal’s closure with a main deal with the Ultimate Fighting Championship.
Paramount introduced two weeks in the past that it acquired the unique rights to show all occasions from the UFC in the US from TKO Group in what quantities to a $7.7 billion, seven-year deal, starting in 2026.
