{"id":2323889,"date":"2024-08-13T14:57:02","date_gmt":"2024-08-13T18:57:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/californian-titan-to-cut-15-of-workforce-amid-500-billion-budget-slash-washington-examiner\/"},"modified":"2024-08-13T15:01:23","modified_gmt":"2024-08-13T19:01:23","slug":"californian-titan-to-cut-15-of-workforce-amid-500-billion-budget-slash-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/californian-titan-to-cut-15-of-workforce-amid-500-billion-budget-slash-washington-examiner\/","title":{"rendered":"Californian titan to cut 15% of workforce amid $500 billion budget slash &#8211; Washington Examiner"},"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\">30<\/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%2Fcalifornian-titan-to-cut-15-of-workforce-amid-500-billion-budget-slash-washington-examiner%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=2323889&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--><p>Paramount\u2063 Global is set to reduce\u2064 its \u200bworkforce by 15%, amounting to nearly 2,000 jobs, in response to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/can-a-great-holiday-season-save-the-us-postal-service-sadly-no\/\" title=\"No, a great holiday season cannot save the US Postal Service\">significant \u2064financial challenges<\/a>, including a\u200c $500\u200d billion budget \u2062cut. This decision, announced by co-CEOs Chris McCarthy, Brian Robbins, \u2063and George Cheeks, involves a phased \u200blayoff process,\u2062 with nearly \u206390% of the cuts expected\u200c by the \u2063end of September. The memo \u2062to\u2064 employees emphasized the need for restructuring to ensure the company&#8217;s\u200b future stability amid a rapidly \u2064evolving entertainment\u200b landscape. <\/p>\n<p>This move follows earlier layoffs \u200cof 800 employees earlier in the year, reflecting Paramount&#8217;s ongoing struggles against declining\u2062 profits in traditional \u2062cable TV, which are \u2062further exacerbated by competition from <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/study-nbcuniversals-peacock-streaming-service-failing-to-draw-consumer-interest\/\" title=\"Study: NBCUniversal&#039;s Peacock Streaming Service Failing to Draw Consumer Interest\">major streaming services<\/a>. Paramount Global\u2063 recently \u200bincurred a $6 billion loss on its cable TV business, a\u2063 situation\u200b mirrored by Warner\u2063 Bros. Discovery. \u2062The layoffs not only \u2064highlight the company&#8217;s challenges but also echo broader\u2062 anxieties regarding the \u200cstate of the \u200cU.S. economy,\u2064 as many\u200b perceive\u2062 the country to be in a recession.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Californian titan to cut 15% of workforce amid $500 billion budget slash<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1531289\" class=\"tpd-featured-video bridtv\"><\/div>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/tag\/entertainment\/\" target=\"_blank\" rel=\"noopener\" title>Paramount<\/a> is <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hbo-max-preps-secretly-gay-fbi-agent-green-lantern-series\/\" title=\"HBO Max Preps &quot;Secretly Gay&quot; FBI Agent &quot;Green Lantern&quot; Series\">making deep cuts<\/a> to its <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/labor\/\" target=\"_blank\" rel=\"noopener\" title>workforce<\/a> starting Tuesday as the <a href=\"https:\/\/washingtonexaminer.com\/tag\/hollywood\/\" target=\"_blank\" rel=\"noopener\" title=\"Hollywood\">Hollywood<\/a> entertainment titan looks to slash costs.&nbsp;<\/p>\n<p>Paramount co-CEOs Chris McCarthy, Brian Robbins, and George Cheeks made the announcement in a memo to employees, stating that the layoffs will occur in three phases. A total of nearly 2,000 jobs, 15% of Paramount&rsquo;s workforce,&nbsp;is planned to be cut by the end of 2024.&nbsp;<\/p>\n<p>The first wave of layoffs starts on Aug. 13, and 90% of the cuts will be done by the end of September.<\/p>\n<p>&ldquo;The industry continues to evolve, and Paramount is at an inflection point where changes must be made to strengthen our business. And while these actions are often difficult, we are confident in our direction forward,&rdquo; the co-CEOs said in their memo. &ldquo;We understand that you may have questions about next steps, and while we may not be able to provide all the answers at this time, we will continue to update you on our progress.&rdquo;<\/p>\n<p>Last month, controlling shareholder Shari Redstone decided to leave the company her family has headed for over three decades when she reached an $8 billion deal with tech giant David Ellison. Ellison&rsquo;s Skydance Media, along with RedBird Capital Partners and Ellison&rsquo;s father, Larry, are set to take control of Paramount Global next year.<\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">Demonstrators picket outside the Paramount Pictures Studio in Los Angeles on Sept. 21, 2023. (AP Photo\/Jae C. Hong)<\/figcaption><\/figure>\n<p>Earlier this year, Paramount laid off 800 employees, or roughly 3% of its workforce.&nbsp;<\/p>\n<p>Paramount Global has been struggling to overcome a hit to its once-solid base of profits: cable TV. Composed of television networks including CBS, MTV, Nickelodeon, and Comedy Central, Paramount Global is home to popular film franchises such as Top Gun and Mission: Impossible and the hit television show <em>Yellowstone<\/em>.<\/p>\n<p>However, the company&rsquo;s long-standing success hasn&rsquo;t been able to shield it from the rise of Big Tech streaming services. Last week, Paramount Global took a $6 billion write-down on its cable <a href=\"https:\/\/www.axios.com\/economy-business\/media\" target=\"_blank\" rel=\"noopener\" title>TV business<\/a>, the day after Warner Bros. Discovery did the same for $9 billion. Their move came after YouTube <a href=\"https:\/\/www.nielsen.com\/news-center\/2024\/the-gauge-may-2024-young-sheldon-covergent-tv-win\/#:~:text=NEW%20YORK%20%E2%80%93%20June%2018%2C%202024,across%20broadcast%2C%20cable%20and%20streaming.\" target=\"_blank\" rel=\"noopener\" title>stole<\/a> the largest share of TV for a streaming platform ever in May, according to Nielsen&rsquo;s monthly Gauge report.<\/p>\n<p>The mass layoffs indicate the struggles the entertainment industry faces as it adapts to a changing environment. It could also feed into fears many people share that the country has taken a negative economic downturn.&nbsp;<\/p>\n<p>The majority of people believe the United States is in a recession, according to a <a href=\"https:\/\/www.theguardian.com\/us-news\/article\/2024\/may\/22\/poll-economy-recession-biden\" target=\"_blank\" rel=\"noopener\" title>poll <\/a>conducted in May. An additional 49% believe unemployment is at a 50-year high, although federal data belie consumer sentiment.<\/p>\n<p>While streaming services from Big Tech companies such as Amazon may be cutting into cable TV&rsquo;s profits and forcing them to cut costs, Silicon Valley players have also been conducting mass layoffs. Highly publicized job cuts from companies, including Microsoft, Google, Meta, and Amazon, have fed into concerns that the economy isn&rsquo;t in stellar condition.&nbsp;<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><\/strong><\/a><\/p>\n<p>More than 130,000 workers at tech companies have lost their jobs in 2024, <a href=\"https:\/\/layoffs.fyi\/\" target=\"_blank\" rel=\"noopener\" title>according<\/a> to a Layoffs. fyi tally. That comes after more than 191,000 workers in U.S.-based tech companies were laid off in 2023.&nbsp;<\/p>\n<p>A JUST Capital <a href=\"https:\/\/justcapital.com\/reports\/what-the-public-thinks-of-recent-tech-layoffs-and-what-corporate-leaders-should-consider-when-cutting-jobs\/#key-findings\" target=\"_blank\" rel=\"noopener\" title>survey<\/a> released following mass layoffs in 2023 found that 71% of the public believed the workforce cuts hurt the economy.&nbsp;<\/p>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1531289\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1531289\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Californian giant to reduce workforce by 15% as part of $500 billion budget cuts<\/p>\n<p>Paramount is initiating significant workforce reductions beginning Tuesday as the Hollywood powerhouse aims to cut expenses. In a memo to staff, co-CEOs Chris McCarthy, Brian Robbins, and George Cheeks revealed that layoffs will be implemented in three phases. By the end of 2024, nearly 2,000 positions\u201415% of Paramount&#8217;s total workforce\u2014are expected to be eliminated. The first round of layoffs will commence on August 13, with 90% of the reductions anticipated by the end of September. The co-CEOs stated in their memo, &#8220;The industry is continually evolving, and Paramount has reached a critical juncture where changes are necessary to enhance our business. While these decisions are often challenging, we believe in our path forward.&#8221; They acknowledged that employees may have questions about future steps and promised ongoing updates regarding progress.<\/p>\n<p>Last month saw controlling shareholder Shari Redstone announce her departure from the company her family has led for over thirty years after reaching an $8 billion agreement with tech mogul David Ellison. Ellison\u2019s Skydance Media will take control of Paramount Global next year alongside RedBird Capital Partners and his father Larry.<\/p>\n<p>Earlier this year, Paramount laid off around 800 employees or roughly 3% of its workforce as it struggled with declining profits from its cable TV segment\u2014a sector that includes networks like CBS and MTV\u2014as well as popular franchises such as Top Gun and Mission: Impossible. Despite its historical success, Paramount has not been immune to competition from major streaming services.<\/p>\n<p>Recently, Paramount Global recorded a $6 billion write-down on its cable TV operations following similar actions by Warner Bros. Discovery for $9 billion after YouTube captured an unprecedented share of television viewership among streaming platforms in May.<\/p>\n<p>These extensive layoffs reflect broader challenges within the entertainment industry amid changing market conditions and contribute to growing concerns about a potential economic downturn; many Americans believe the country is experiencing a recession according to a May poll. Additionally, nearly half think unemployment rates are at their highest level in fifty years despite contrary federal data.<\/p>\n<p>While Big Tech companies like Amazon continue impacting cable TV revenues leading them toward cost-cutting measures\u2014including mass layoffs\u2014the tech sector itself has also seen significant job losses recently; over 130,000 workers were let go from tech firms in just this year alone following more than 191,000 job cuts throughout all U.S.-based tech companies last year.<\/p>\n<p>A survey conducted by JUST Capital post-layoffs indicated that approximately 71% of respondents felt these job cuts negatively affected the economy<\/p>\n","protected":false},"author":3142,"featured_media":2323890,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/Paramount.webp","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[38037,33371,38035,35077,38036],"class_list":["post-2323889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-budget-cuts","tag-business-news","tag-californian-titan","tag-economic-impact","tag-workforce-reduction"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/Paramount.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2323889","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\/3142"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2323889"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2323889\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2323890"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2323889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2323889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2323889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}