Paramount Global Co-CEOs Have Hired Bankers to Evaluate Asset Sales, Tell Employees They’ve Identified Areas for Job Cuts
25.06.2024 - 18:21
/ variety.com
Todd Spangler NY Digital Editor Paramount Global‘s trio of co-CEOs provided an update Tuesday at a town hall for the company’s more than 20,000 employees on where things stand with their plan to cut costs, boost revenue and pare down debt after a potential merger with Skydance was called off. The three execs — George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon — were installed as co-CEOs after Bob Bakish’s dismissal in late April.
At the June 25 town hall, which kicked off at 10 a.m. Pacific at the Paramount Theatre on the studio’s lot in L.A., the execs addressed a key topic of concern among the rank and file: layoffs and other measures aimed at achieving $500 million in annualized costs, which the trio laid out at the June 4 annual shareholder meeting.
According to the co-CEOs, since then, they have made progress to eliminate duplicative job functions, with work well under way across corporate functions like legal and corporate marketing, sources tell Variety. In their prepared remarks, however, the execs did not discuss timing of when mass layoffs might hit across the company or how large the cutbacks will be.
During the Q&A portion of the town hall, the co-CEOs were asked if they had a timeline for job cuts but they didn’t provide one. As the trio of execs previously disclosed, Cheeks said the Paramount leaders are “looking at selling certain Paramount-owned assets” and said, “in fact, we’ve already hired bankers to assist us in this process — and we’ll use the proceeds to help pay down debt and strengthen our balance sheet.” He didn’t itemize which
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