FEBRUARY 13, 2024 — 800 TARGETED
CEO Bob Bakish…
Team,
As we shared at Bob Live in January, returning our company to earnings growth is a top priority in 2024. This will require us to continue to grow revenue while reducing costs. And unfortunately, part of streamlining costs means that today, we will begin the difficult process of saying goodbye to some of our very valued colleagues across Paramount. We will be notifying impacted employees who are based in the U.S. by the close of business today. We’ll share details directly regarding next steps and will do all we can to support you during this time of transition.
There will also be impacts in some of our offices based outside the U.S. Those notifications will occur over time in line with our local legal obligations in each of the countries where we operate. To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication. Your talents have helped us advance our mission of unleashing the power of content around the world. We are a better company because of you. While I realize these changes are in no way easy, as I said last month, I am confident this is the right decision for our future. These adjustments will help enable us to build on our momentum and execute our strategic vision for the year ahead – and I firmly believe we have much to be excited about.
We are coming off of a blockbuster event with Super Bowl LVIII that showcased the full power of Paramount. We’re launching a big slate of new and returning primetime programming on CBS, and last night marked the return of Jon Stewart to The Daily Show. We continue to release films, like Bob Marley: One Love this week, which reinforce our heritage as one of Hollywood’s most iconic movie studios. And we’re coming together as One Paramount more than ever, with continued commitment to our values, culture imperatives and fostering an inclusive workplace.
We should all take time this week to support one another – our colleagues who will be impacted, as well as our teams remaining – in adjusting to this change. Speaking personally, I want our entire team to know that I am committed to sharing updates when we’re able to. As always, I am continually grateful for your commitment to our company. And I’m confident we will navigate this transition and emerge stronger than ever.
Best,
Bob
MAY 26, 2023 — Original post…
New York, New York-based Paramount Media Networks, a mass media division of Paramount Global that oversees the operations of many of its television channels and online brands, has announced a 25% reduction in force across the Showtime, MTV Entertainment Studios, and Paramount Media Networks groups in the United States.
According to Showtime/MTV Entertainment Studios and Paramount Media Networks president Chris McCarthy ...
Team,
As we finalize the integration of SHOWTIME and continue to transform our business for the future, we have set a great foundation for continued success by consolidating our group into two functions:
• Studios – integrating SHOWTIME and MTV Entertainment Studios into one powerful studio team
• Networks – combining nine separate teams into one portfolio group
This combination has resulted in an incredible track record of hits including Yellowstone, 1883, Tulsa King, South Park, The Challenge, Teen Wolf, 1923, Drag Race, Mayor of Kingstown, Your Honor, George & Tammy and Yellowjackets – which, taken together, drove record subscribers across Paramount+ and Showtime and helped Paramount+ lead the industry in new subscriber growth.
However, despite this success in streaming, we continue to feel pressure from broader economic headwinds like many of our peers. To address this, our senior leaders in coordination with HR have been working together over the past few months to determine the optimal organization for the current and future needs of our business.
As a result, we have made the very hard but necessary decision to reduce our domestic team by approximately 25%. This is a tough yet important strategic realignment of our group. Through the elimination of some units and by streamlining others, we will be able to reduce costs and create a more effective approach to our business as we move forward. Today we will notify employees whose positions are being impacted with leaders communicating the news directly to those teams/or individuals. These meetings will be followed by individual 1:1s with our HR partners.
I realize these decisions will be very hard for everyone, most of all, those who will be leaving. It’s not something we take lightly. We have some of the most passionate and dedicated team members, who bring their full selves to drive our brands and business forward. This is why it’s so difficult to say goodbye to our friends and colleagues. To those impacted, we deeply appreciate the passion and creativity you have brought every day. I want to thank you for your many contributions.
Our leadership team and HR partners are committed to ensuring this process is done with empathy and respect.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?