Paramount, one of the leading network television companies in the US, is laying off many of its employees. According to Deadline, the television company announced an agenda to cut 15% of its U.S.-based workforce and expects 90% of the total cutbacks to be complete by the end of September.
George Cheeks (CBS), Chris McCarthy (Out of Iraq) and Brian Robbins (Good Burger), the co-CEOs of Paramount, released an official statement to their employees earlier this morning.
“The Industry continues to evolve, and Paramount is at an inflection point where changes must be made to strengthen our business. We know that having to part ways with teammates whose contributions have been instrumental to our success is incredibly hard. In partnership with our HR leaders, we are committed to providing support to employees transitioning on from Paramount and to our teams who will need to adapt to these changes,” the co-CEOS wrote.
Amidst the layoffs, Paramount also revealed that Paramount Television Studios will be shutting down by the end of this week. As reported by Deadline, Nicole Clemens (Final Girls), the Paramount TV Studios president, released a heartfelt memo to the Paramount Television Studios division.
“Over the past 11 years, PTVS has weathered seemingly insurmountable obstacles through a combination of strength, determination, and unwavering commitment. We met these challenges with incredible resilience, creativity, and passion for what we do, and I could not be prouder of our team. We’ve also had the privilege to collaborate with some of the most brilliant creative talent in the industry to help tell incredible stories seen around the world, entertaining and shaping culture,” Clemens stated.
In a separate memo, Cheeks wrote that this decision came not because of substandard performances, but rather the inevitable changes coming to Paramount.
“To be clear, this is not a decision based on how PTVS performed. This move is the result of significant changes in the TV and streaming marketplace and the need to streamline our company. Under Nicole’s leadership, this studio consistently punched above its weight in attracting top storytellers and stars to create best-in-class series. I want to thank every PTVS employee for shepherding a slate of shows that helped usher Paramount into the streaming era,” Cheeks said according to Deadline.
According to The Hollywood Reporter, the reason why Paramount is making massive cutbacks to its staff is to prepare for its merger with Skydance, an American media production company. Last month, Shari Redstone, the CEO of National Amusements, which was the parent company of Paramount, agreed to sell National Amusements to Skydance.