Despite bringing us some of the best television and film in years, Paramount is laying off 15% of its staff, the company announced Thursday.
The layoffs are explicitly focused in the U.S., where an estimated roughly 2,000 employees will lose their jobs ahead of a planned merger with Skydance Media, Variety reported. The details were reportedly revealed during the company’s Q2 earnings call after the announcement of a massive $5.98 billion operating loss.
What’s crazy is the loss appears focused on Paramount’s cable business, which underwent a devaluation ahead of the acquisition, which is expected by Sept. 30, 2025, according to the outlet.
TV Network Makes Major Partnership Announcement That Could Create A Revolution In US https://t.co/zzV70T9fSO
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Most of the cuts will hit marketing and communications departments, Showtime/MTV Entertainment Studios head Chris McCarthy stated on the call, Variety reported. Some in legal, finance and other corporate areas will also reportedly disappear from the jobs roster by the end of 2024 in what he described as “right-sizing.” (RELATED: Paramount+ Drops Slew Of Shows As Writers Strike Rages On)
Considering Paramount has pushed out a seemingly unending slew of brilliantly crafted television series in the last couple of years, it feels crazy to think a company growing this quickly in its output has to scale back so sharply. This is the company that brought us “1883,” “Lioness,” “Tulsa King,” “School Spirit” and so many other hits.
It seems crazy that Paramount would lose so much money until we realize this is all about our failing economy.
LONDON, ENGLAND – JULY 11: Keyes Edgar-Hill, Chris McCarthy, Zoe Saldana, David Glasser, Nicole Kidman and Keith Cox attend the screening to launch the new Paramount+ series “Special Ops: Lioness” at Tate Britain on July 11, 2023 in London, England. (Photo by John Phillips/Getty Images)
LAS VEGAS, NEVADA – DECEMBER 11: (L-R) MTV Entertainment Group CMO Jason White, 101 Studios COO David Glasser, MTV Entertainment Group COO Keith Cox, Wynn Resorts Craig Billings, Incoming CEO, Wynn Resorts,, Taylor Sheridan, ViacomCBS Chief Programming Officer of Streaming Tanya Giles, and MTV Entertainment Studios Chris McCarthy attend Paramount+ and 101 Studios world premiere of “1883” at Wynn Las Vegas on December 11, 2021 in Las Vegas, Nevada. (Photo by Shy McGrath/Getty Images for Wynn Las Vegas)
NEW YORK, NEW YORK – NOVEMBER 09: (L-R) Chris McCarthy, Sylvester Stallone, and David Glasser attend the “Tulsa King” premiere on November 09, 2022 in New York City. (Photo by Kevin Mazur/Getty Images for Paramount+)
Paramount’s layoffs come amid mass layoffs from seemingly all sectors of entertainment, technology and media. Warner Bros. released nearly 1,000 employees in July. Vice Media Group did the same in February. Even Chicken Soup for The Soul completely shut down in 2024, begging the question: why is no one freaking out about the economy publicly?
Sure, we had a panic day Monday where a handful of news outlets finally realized we’re heading towards a massive crisis. But since then, all I’ve heard is crickets.
