Michael Engleman, Chief Marketing Officer for Paramount+ Domestic and Paramount+ with Showtime, will be leaving Paramount Global later this month. He just announced his departure in an internal memo.
Co-CEO George Cheeks revealed in June that $500 million in cost reductions have been identified as Paramount Global, carrying a $14B debt load, is looking to improve its balance sheet. As Deadline reported at the time, that means more layoffs for a company that has already been through considerable de-layering, restructuring and staffing cuts since the 2019 close of the Viacom-CBS merger.
Workforce reductions were expected to begin this summer, with chatter intensifying over the last few days that they could come as soon as next week, with Aug. 13 rumored as a potential date. Corporate and marketing have been among the areas most likely to be impacted, and Engleman’s exit is part of a consolidation of marketing teams across Paramount aimed at eliminating redundancies and maximizing efficiency via streamlining.
https://deadline.com/2024/08/michael-engleman-exit-cmo-o-paramount-showtime-layoffs-1236033064/