Blitz Bureau
Paramount Global, the parent company of one of Hollywood’s oldest studios—home to the “Mission: Impossible” franchise and the film “Titanic”—began a massive layoff of its U.S. workforce on Aug. 13.
The entertainment giant announced a plan to cut 15 per cent of its domestic staff, about 2,000 employees, to cut redundant functions and streamline teams as it merges with a consortium led by Skydance Media and its private equity backer RedBird Capital. Paramount’s chief executive officers George Cheeks, Chris McCarthy, and Brian Robbins told employees the changes could be “difficult.”
“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,” according to a memo obtained by The Epoch Times.
The executives said they expect 90 per cent of the layoffs to be completed by the end of the year. Paramount Global employed 16,357 people in the U.S. before the layoffs, according to company executives. The company’s multi-billion-dollar merger is expected to close in the first half of 2025, said Robbins.
The company also plans to close its Paramount Television Studios in Hollywood, which produces “Reacher,” “The Spiderwick Chronicles,” “Tom Clancy’s Jack Ryan,” and others. Production will be taken over by CBS Studios, owned and operated by Paramount’s TV division.
