Paramount Global has initiated the second phase of its scheduled layoffs in the U.S., aiming to boost profitability.
In a memo to employees on Tuesday morning, co-CEOs George Cheeks, Brian Robbins, and Chris McCarthy announced that the company is proceeding with “phase two” of its workforce reductions. They stated that by the end of the day, “90 percent of these reductions will be finalized,” signaling this round of layoffs near completion.
Furthermore, Paramount Global executives announced last month a plan to reduce 15 percent of the company’s U.S. workforce to achieve $500 million in cost savings. The first round of layoffs followed soon after, with the co-CEOs informing staff that the job cuts would occur in three phases.
Additionally, the previous round of layoffs saw significant changes at Paramount Global, including the closure of Paramount TV Studios and the exit of several high-profile executives. These moves were part of the company’s broader restructuring efforts.
While Paramount Global did not provide details on the specific areas impacted by the staffing cuts, the IBEW, the union representing CBS employees, revealed in a statement on Monday that the layoffs affected workers involved in editing, media ingest and distribution, as well as show production.
IBEW Director of Broadcasting and Telecommunications Robert Prunn, said, “We’re disappointed that CBS was unable to find a way to retain these highly skilled professionals in their operation. IBEW members have been producing CBS broadcasts since before the invention of television, and these layoffs are a hard pill to swallow.”