The Red Hot Chili Pepper s are coming to Scotland as part of the European leg of their 2023 world tour.
16.11.2022 - 20:09 / deadline.com
EXCLUSIVE: Layoffs are under way at Paramount Global, with several dozen employees expected to leave the company today, insiders have confirmed to Deadline.
The cuts, which are expected to affect fewer than 100 workers in both New York and LA, are largely concentrated in the ad sales group. A number of business areas had been publicly targeted for streamlining in recent weeks, among them international operations, marketing and ad sales. The sales group has been undergoing a transformation in recent weeks, after John Halley was upped to president of Paramount Advertising, replacing longtime company veteran Jo Ann Ross. Halley has reshaped his group along the lines of an ad agency model, resulting in some further reorganization.
Paramount declined to comment when contacted by Deadline.
The action comes against an ominous economic backdrop, with inflation and spiking interest rates whipsawing consumers and broader issues like foreign currency fluctuation and Russia’s War with Ukraine also presenting challenges. When the company reported third-quarter financial results earlier this month, management indicated that “meaningful and sizable” cost cuts were planned, with a potential restructuring charge hitting in the current quarter. Some amount of those cost reductions are unrelated to trimming personnel, of course.
“We are all aware of the ongoing macroeconomic pressures that continue to affect our industry and the ad market in particular,” Paramount CEO Bob Bakish said on the company’s quarterly earnings call with Wall Street analysts. “As we navigate this period, Paramount will continue to rely on the fiscally disciplined approach that has been our advantage in good times and bad. We have always been mindful of cost
The Red Hot Chili Pepper s are coming to Scotland as part of the European leg of their 2023 world tour.
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