Hollywood Crumbling: Karma Slams Into Major Studio

[Logo]( [Hollywood Crumbling: Karma Slams Into Major Studio] [Hollywood Crumbling: Karma Slams Into Major Studio]( You reap what you sow. Paramount Global is moving forward with its cost-cutting strategy, initiating another round of layoffs on Tuesday as part of its larger plan to reduce company expenses by $500 million. The latest cuts are expected to impact employees primarily in the streaming division, with 90% of the planned layoffs now complete, according to a report from Deadline. Earlier rounds of layoffs were focused on Paramount's advertising division. With the entertainment giant employing 21,900 full- and part-time workers across 33 countries by the end of 2023, along with 4,500 project-based staffers, this latest round of cuts represents a significant downsizing. Last year, 3% of the workforce was let go, but this year, the company announced more aggressive reductions. Back in August, Paramount execs revealed plans to cut 15% of its U.S. workforce-about 2,000 employees-as it prepares for a merger with Skydance Media. This merger, while potentially lucrative, has led to some hard choices for the company as it seeks to streamline its operations. An internal memo from company co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins was distributed to staff on Tuesday, providing some insight into the rationale behind the layoffs. "Like the entire Media industry, we are working to accelerate streaming profitability while at the same time adjusting to the evolving landscape in our traditional businesses. In order to set Paramount up for continued success, we are taking these actions," the memo read. Acknowledging the difficulty of the situation, the execs expressed gratitude for the contributions of those being let go, noting that days like these are "never easy." "We appreciate everyone's resilience and commitment to delivering some of the biggest hits across TV and Film, and for continuing the hard but necessary work to best position the company for the future," the memo concluded. Just in: Paramount is beginning its layoffs this morning. The reductions, which will occur over the next several weeks, are a part of the company's effort to find $500 million in cost cuts. [pic.twitter.com/bDwPpf53CM]( - Mark Stenberg (@MarkStenberg3) [August 13, 2024]( The company's efforts to position itself for long-term success may be necessary in an increasingly competitive and shifting media landscape, but that doesn't make the cuts any less painful for those affected. One of Paramount's most prominent divisions, CBS Entertainment, has not been immune to the layoffs. The International Brotherhood of Electrical Workers (IBEW), which represents CBS employees, expressed disappointment with the cuts, particularly as they impact longtime employees involved in media ingestion, distribution, and show production. "We're disappointed that CBS was unable to find a way to retain these highly skilled professionals in their operation," IBEW Director of Broadcasting and Telecommunications Robert Prunn said in a statement. He emphasized the long history IBEW members have with CBS, producing broadcasts since before the invention of television. For many, the layoffs are a "hard pill to swallow," especially considering the deep connection these employees have with the network. While [Paramount]( navigates this challenging transition, employees, union reps, and the industry at large are left grappling with the realities of a changing media landscape-where streaming reigns supreme and the pressure to remain profitable forces tough decisions. Whether these cuts will ultimately strengthen Paramount's position remains to be seen, but for the workers affected, the immediate future is uncertain. [Woah! Trump Gets Endorsement No One Saw Coming] [Woah! Trump Gets Endorsement No One Saw Coming]( Notice the media has completely ignored this? The left has no idea what to do with this. [Kelce Leveled With Accusations, Karma Catches Up] [Kelce Leveled With Accusations, Karma Catches Up]( What goes around comes around. [Whoopi Defends Janet Jackson After She Slammed Kamala] [Whoopi Defends Janet Jackson After She Slammed Kamala]( Wait, what!? [Cotton Shines Spotlight On What Biden-Harris Caused In Gaza] [Cotton Shines Spotlight On What Biden-Harris Caused In Gaza]( He hit the nail on the head. [Fetterman Lost For Words Over Flip-Flop With Kamala On Key Issue] [Fetterman Lost For Words Over Flip-Flop With Kamala On Key Issue]( Busted. You are receiving this email because you opted in to The Independant American daily newsletter. 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