Displaying items by tag: Paramount Television Studios shut down

All right, Bits readers, today is a tough one news-wise, and it has little to do with specific title release news or announcements.

We’ve learned from multiple sources now that the 15% US workforce cuts at Paramount Global—a restructuring that’s happening in advance of the company’s merger with Skydance Media to reduce annual costs by some $500 million—have landed very heavily on the Melrose lot. As reported widely last week, the layoffs amount to about 2,000 people, with most expected to be gone by the end of next month and the rest by year’s end.

Current co-CEOs George Cheeks, Brian Robbins, and Chris McCarthy have described the layoffs thusly in a memo to the workforce: “As we continue to advance our plan, we announced on our earnings call last week that we will be reducing our US-based workforce by approximately 15%, focusing on redundant functions and streamlining corporate teams.”

The expectation was that every division would be impacted. As reported last week, Paramount Television Studios has been shuttered completely. What’s not been reported widely yet is the impact on overall studio operations.

The Digital Bits sources indicate that nearly every department has been affected—in a few cases severely—from marketing, legal, and accounting, to production, post-production, finance, mastering, vault and library services, and unfortunately also Paramount Home Entertainment. The cuts are reportedly not so deep as to result in a complete loss of institutional knowledge, but they’re more than deep enough to result in major workflow disruptions. [Read on here...]