Trying to save $2 billion and having handed out greater than $9 billion to UFC and the South Park guys within the final two weeks, all people is aware of that David Ellison’s Paramount goes to should make some deep cuts.
These cuts are doubtless going to be coming in a single fell swoop, Paramount president Jeff Shell made clear Wednesday as CEO Ellison and his high workforce met with the press in Los Angeles every week after formally taking on from Shari Redstone in an $8.4 billion acquisition.
“We don’t wish to be an organization that has layoffs each quarter,” Shell stated, an apparent swipe on the previous Paramount regime and its water-torture method to cost- and staff-cutting. So, it’s going to be painful. It’s all the time laborious, however we don’t wish to be an organization that each quarter is laying individuals off.”
“So, it will be important for us to get accomplished what we’re doing in a single huge factor after which be accomplished with it,” added Shell, the previous NBCUniversal CEO who was flanked by his new boss Ellison, plus Paramount+ chief Cindy Holland, TV Media chief George Cheeks, movie heads Dana Goldberg and Josh Greenstein, and COO Andy Gordon on the press occasion, with board member Gerry Cardinale within the crowd.
As Ellison and Shell have each stated, together with most lately as their August 7 sit-down with the media in New York Metropolis, Paramount’s new government workforce doesn’t purchase into the concept an organization could be lower into progress – an announcement reiterated at this time.
David Ellison on Wednesday
Paramount
Ellison famous that he believes the upcoming layoffs and restructuring may “exceed” the $2 billion goal. “However by way of specifics and timelines, we’re in day 7, and I hope you may respect after we get there, we’re going to speak to workforce members first earlier than speaking to anyone else,” he stated.
It must be famous that in a city corridor earlier at this time with Paramount and Skydance workers — a complete of about 18,000 staff — Ellison promised the tech-friendly management can be simple and sincere over the cuts and modifications as they’re decided, which can be some small consolation to some.
Anthony D’Alessandro contributed to this report.
