Paramount Advertising has been hit with layoffs following Paramount Global’s 15 percent cuts in its U.S. workforce.
“Paramount Advertising has become the latest victim of the media giant’s cuts towards 15% of its U.S. workforce designed to help generate annual run rate cost savings of $500 million across the company,” reported TheWrap.
Exact number layoffs in Paramount Advertising remains unknown and the team manages ad sales for major platforms like CBS, BET, Comedy Central, MTV, Nickelodeon, Paramount+, and Pluto TV.
In a memo to staff on Tuesday, Paramount Advertising president John Halley said the company “will be parting ways with talented and valued teammates and friends.”
“Today is going to be a difficult day as this process will affect our org and we will be parting ways with talented and valued teammates and friends,” Halley said. “I want to acknowledge how unsettling this may feel, as this is not the first time our org has shouldered impacts. None of this is easy and no decision was made lightly.”
Paramount Global announced in August it would be shutting down its TV studio, laying off thousands amid the industry’s uncertain future. In a memo to staff at the time, president Nicole Clemens said the overall transformation in the industry has affected the studio drastically.
“As you’re all aware, Paramount Global has made the difficult decision to close Paramount Television Studios as part of the company’s broader restructuring plans,” the memo said. “This has been a challenging and transformative time for the entire industry, and sadly, our studio is not immune.”
“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,” it added.
As Breitbart News reported in August, Paramount Global will be cutting its workforce by 15 percent. The reported cuts will aim to trim Paramount’s spending by $500 million in 2025, with a primary focus on marketing, communications, legal, and technology. Paramount Global co-CEO Chris McCarthy announced the changes during a Q2 earnings call last Thursday.
“These actions will take place in the coming weeks and will largely be completed by the end of the year,” McCarthy said. “As you can imagine, these are difficult decisions to make. We’ve incredibly talented people at Paramount and these actions are not a reflection of their contributions. Rather, they are necessary to transform our organization for the future next, transforming streaming.”
The entertainment industry suffered a heavy shakedown in August after Warner Bros. Discovery announced its stock took an $11.2 billion dive after “company reported disappointing second quarter earnings on Wednesday that missed expectations on both the top and bottom lines,” per Yahoo Finance.