Paramount Global for sale latest - Variety: Paramount Global Unveils ‘Phase Two’ of Layoffs

Story from Variety:

Paramount Global unveiled a second wave of staff cuts Tuesday morning, part of a larger bid by the owner of CBS, Comedy Central and MTV to reduce costs in a fraught era for traditional media companies.

In a memo to employees, Paramount co-CEOs George Cheeks, Chris McCarthy and Brian Robbins told staff that “In order to set Paramount up for continued success, we are taking these actions, and after today, 90% of these reductions will be complete.”

Like its contemporaries, Paramount is struggling to reap profits as more of the viewing base for its TV programs and movies migrates to streaming video and digital interaction. The dynamic makes the task of assembling the large, simultaneous audiences that advertisers and distributors crave significantly more complex.

Paramount said in August that it would cut 15% of its U.S. workforce — layoffs that were estimated to affect about 2,000 employees — coming ahead of its planned merger with Skydance Media.

With the layoffs, the company expects to record a $300 million-$400 million restructuring charge in the third quarter.

“Days like today are never easy,” the executives said. “It is difficult to say goodbye to valued colleagues, and to those departing, we are incredibly grateful for your countless contributions.”

The company declined to specify the exact areas of its portfolio where the staffing cuts were made, but the IBEW, a union that represents CBS employees, noted in a statement Monday that employees affected worked “as editors, in media ingest and distribution and show production.”

“We’re disappointed that CBS was unable to find a way to retain these highly skilled professionals in their operation,” said IBEW Director of Broadcasting and Telecommunications Robert Prunn, in a statement. “IBEW members have been producing CBS broadcasts since before the invention of television, and these layoffs are a hard pill to swallow.”