{"id":1745382,"date":"2022-11-20T06:31:01","date_gmt":"2022-11-20T11:31:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1745382"},"modified":"2022-11-20T06:33:43","modified_gmt":"2022-11-20T11:33:43","slug":"paramount-begins-layoffs-executive-purge-as-advertising-market-craters","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/paramount-begins-layoffs-executive-purge-as-advertising-market-craters\/","title":{"rendered":"Paramount Begins Layoffs, Executive Purge as Advertising Market Craters"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fparamount-begins-layoffs-executive-purge-as-advertising-market-craters%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1745382&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/parapmont-640x335-1.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p class=\"subheading\">Paramount Global is reportedly beginning a round of layoffs as well as an executive purge at the highest levels as the advertising market continues to crater, leaving many Hollywood media giants in difficult financial straits.<\/p>\n<p>The parent company of CBS, Pluto TV, the Paramount Network, and the legendary Paramount Pictures is expected to shed under\u00a0100 workers in both New York and Los Angeles, concentrated largely in the ad sales group, with CBS Studios and Paramount Television Studios employees also affected, sources <a href=\"https:\/\/deadline.com\/2022\/11\/paramount-global-layoffs-1235173742\/\">told<\/a> Deadline.<\/p>\n<p class=\"a8d-pre\">In a major shakeup, Paramount has also said goodbye to longtime CBS Entertainment president\u00a0Kelly Kahl and senior executive vice president of programming Thom Sherman.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>The cost-cutting comes as advertising spending is plummeting across the board as consumers hit hard by Bidenflation are cutting back on their spending as the price of essential goods including groceries and gas continues to skyrocket to record levels. As Breitbart News <a href=\"https:\/\/www.breitbart.com\/entertainment\/2022\/11\/04\/hollywood-clobbered-by-weak-advertising-as-bidenflation-weighs-on-consumer-spending\/\">reported<\/a>, the fall in ad spending is hammering Hollywood with companies like Warner Bros. Discovery, AMC Networks, and Paramount all feeling the pain.<\/p>\n<p>Paramount Global \u2014 previously ViacomCBS \u2014 recently reported that advertising revenue for its TV networks, including CBS, was down 3 percent for the most recent quarter. As a result, the company missed revenue expectations, causing its stock to plummet 12 percent.<\/p>\n<p class=\"a8d-pre\">Earlier this week, Warner Bros. Discovery CEO David Zaslav described the current ad market as\u00a0weaker than at any point during the coronavirus pandemic shutdowns of 2020.<\/p>\n<figure id=\"D-ROS-B2\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>If the ad market doesn\u2019t improve in 2023, \u201cit\u2019s going to be hard\u201d to meet the company\u2019s $12 billion earnings forecast, Zaslav <a href=\"https:\/\/www.cnbc.com\/2022\/11\/15\/ad-market-worse-now-than-during-pandemic-lows-david-zaslav-says.html\">reportedly<\/a> said at RBC\u2019s Global TIMT Conference in New York.<\/p>\n<p>The Walt Disney Co. <a href=\"https:\/\/www.breitbart.com\/entertainment\/2022\/11\/12\/woke-fail-disney-begins-layoffs-hiring-freeze-and-limiting-employee-travel-as-stock-crashes\/\">is planning for layoffs and hiring freezes<\/a> after the company\u2019s financial results for the most recent quarter fell significantly short of Wall Street\u2019s expectations.<\/p>\n<p><strong><em>Follow David <\/em><em>Ng on Twitter\u00a0<a class=\"x5l\" href=\"https:\/\/twitter.com\/HeyItsDavidNg\" target=\"_blank\" rel=\"noopener external\">@HeyItsDavidNg<\/a>. Have a tip? Contact me at\u00a0<a class=\"c-link x5l\" href=\"mailto:dng@breitbart.com\" target=\"_blank\" rel=\"noopener external\">dng@breitbart.com<\/a><\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paramount Global is reportedly beginning a round of layoffs as well as an executive purge at the highest levels as the advertising market continues to crater, leaving many Hollywood media<\/p>\n","protected":false},"author":1,"featured_media":1745385,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1745382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1745382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1745382"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1745382\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1745385"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1745382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1745382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1745382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}