CBS News Lays Off 20 Amid Paramount Global’s Companywide Cuts; Catherine Herridge And Jeff Pegues Among Those Impacted

UPDATED: A federal judge has found Catherine Herridge in civil contempt of his order that she reveal the source of stories she wrote when she worked for Fox News.

Cynthia Littleton Business Editor The inevitable M&A question came toward the end of Paramount Global‘s hourlong conference call with Wall Street analysts on Wednesday — a session that undoubtedly would have been more contentious for Paramount leaders if they hadn’t started out by serving up sacrifices for the greater good of free cash flow and profit. Paramount Global CEO Bob Bakish waved off the inquiry from Bank of America Merrill Lynch media analyst Jessica Reif Ehrlich about the tidal wave of media speculation about suitors coming (and going) for the company with a breezy “We’re always looking for ways to create shareholder value.” But it was clear from the earlier commentary and business updates from Bakish and chief financial officer Naveen Chopra that they are charting a course for this year and next to take streamer Paramount+ to the promised land of profitability and keeps the company entact as a standalone entity.

Jennifer Maas TV Business Writer Electronic Arts is laying off 5% of its workforce, making it the latest video game company to enact staffing reductions in the first quarter of the year. In its most recent annual SEC filing, “The Sims” and “Madden” maker EA reported it employed 13,400 workers, meaning the layoffs will affect approximately 670 jobs.

Paramount Global expects to take a $1 billion charge in the current quarter due to ongoing programming shifts and the layoffs it announced earlier this month.

CBS has made a huge renewal and fans might be very happy to see the news that just came in!

We’ve been waiting for this one for quite some time.

Sony said today it will let go about 900 people, or 8% of is global PlayStation headcount, the latest layoffs to hit the gaming industry.

Jennifer Maas TV Business Writer Sony‘s PlayStation has joined the long list of video game companies hit by layoffs in 2024. Approximately 900 Sony Interactive Entertainment employees, or 8% of PlayStation’s global workforce, will be impacted by the cuts, per outgoing-CEO Jim Ryan. Employees across the Americas, EMEA, Japan, and APAC regions will be affected and several studios, including PlayStation’s London studio, will shutter.

EXCLUSIVE: The news when Deadline speaks to Lisa Kramer is the launch of a Paramount+ branded hub with African pay-TV giant MultiChoice. But a conversation with the President, International TV Licensing at Paramount Global Content Distribution (PGCD), offers a much wider insight into the world of TV in 2024.

SAG-AFTRA condemned CBS News following a report that the network seized correspondent Catherine Herridge‘s files after she was laid off earlier this month, but the network is disputing that is what happened.

Todd Spangler NY Digital Editor Vice Media Group is making drastic changes in the face of financial difficulties. In a memo to Vice employees Thursday, CEO Bruce Dixon said the company will be cutting “several hundred” jobs in the next week. As part of its major restructuring, Vice will discontinue publishing content on its own website, Vice.com, and will instead put “more emphasis on our social channels as we accelerate our discussions with partners to take our content to where it will be viewed most broadly,” Dixon wrote in the memo.

Todd Spangler NY Digital Editor BuzzFeed has sold Complex — the youth-culture media company it bought three years ago — and will pink-slip another 16% of BuzzFeed’s remaining staffers in a restructuring designed to get back on financial track. BuzzFeed announced Wednesday that it closed the sale of Complex to ecommerce platform Ntwrk in a $108.6 million all-cash deal.

Clayton Davis Senior Awards Editor Margot Robbie, Idris Elba and Glen Powell are among the 30 presenters announced for the 30th Screen Actors Guild Awards, set to take place on Saturday. Additionally, Emmy and SAG Award winner Jennifer Aniston will present the 59th SAG Life Achievement Award to the legendary actor, singer, producer, writer and director Barbra Streisand.

Larian Studios has hit out at a number of companies laying-off development staff to maximise profits for shareholders.2024 has started with a number of studios cutting huge swathes of employees. Microsoft laid off 1,900 staff shortly after its acquisition of Activision Blizzard was approved, Riot Games laid off over 500 members of staff, and today (February 19) it was confirmed that Disco Elysium developer ZA/UM has cut a quarter of its staff.Elsewhere, the Amazon-owned streaming platform Twitch claimed it wasn’t making a profit after another massive round of layoffs, while Embracer Group admitted that its “overruling principle is to always maximise shareholder value in any given situation” after cutting 1,400 jobs over the past 12 months.Last week, Baldur’s Gate 3 picked up a number of trophies at the DICE Awards including Outstanding Achievement In Story, RPG Of The Year, Outstanding Achievement In Game Direction, and Game of the Year.

Todd Spangler NY Digital Editor Noggin, Nickelodeon’s interactive learning platform for preschool-age kids, is shutting down after almost 10 years, Variety has confirmed. Noggin is a casualty of Paramount Global’s companywide layoffs this week, which resulted in about 800 staffers being let go. The entire team that ran Noggin was laid off, as first reported by trade publication Kisdscreen.

K.J. Yossman Scooter Braun, Emmy Rossum and Helen Mirren are among 400 celebrities and industry executives who’ve signed an open letter supporting Israel’s inclusion in this year’s Eurovision Song Contest. Although there has been no suggestion the European Broadcasting Union, which organizes the annual singing competition, has any intention of barring Israel from the event, the open letter has been published in response to a handful of fringe voices calling for a ban.

Brian Steinberg Senior TV Editor Approximately 20 CBS News staffers were given termination notices Tuesday as a result of broader layoffs taking place across Paramount Global. The cuts extended across CBS News operations in Washington, D.C., New York and Los Angeles, according to two people familiar with the matter, and included two of the news operation’s most prominent correspondents, Jeff Pegues and Catherine Herridge, these people said. A CBS News spokesperson did not respond immediately to a query seeking comment.

EXCLUSIVE UPDATED with more names: Details are starting to emerge about the major round of layoffs Tuesday at Paramount Global impacting about 800 employees in the U.S.

Todd Spangler NY Digital Editor Paramount Global, amid a swirl of M&A discussions, is laying off about 800 employees worldwide — an estimated 3% of its headcount — as it looks to trim costs. CEO Bob Bakish announced the layoffs in a memo Tuesday to staff that was obtained by Variety. According to the memo, U.S.

K.J. Yossman David Beckham, Cate Blanchett and Dua Lipa are among those confirmed to hand out a coveted golden mask on Sunday evening. The trio are each set to present a BAFTA Film Award, although it has not been confirmed for which categories.