https://dol.ny.gov/system/files/documents/2024/08/warn-nyc-paramount-global-8.13.24-2024-0036-through-2024-0041.pdf
Aug 13 to Nov 11 is 90 Day
74 replies (most recent on top)
When all things NFL and now P+ Futbol is live out of NY, that's not the coast they are looking to end. Closing Paramount Studios and layoffs happening out West makes me think they are investing in NY.
If they plan to clear out the NY offices, that would align with the 300 employees on the WARN doc back in Feb of this year. That was priori to the Skydance M&A agreement going through.
Based on the layoffs this past Tuesday, I believe the comment below that they are trying to clear out NYC in the long term. Do we know how long term? Are they selling the building?
Skydance just announced an office in Connecticut so there is hope of an East Coast presence
It begins today. Good luck everyone. Brace for impact.
Good luck today everyone.
Some folks are saying how getting fired is the best thing that will happen/youll find a better job. But when stocks and hiring in media is down and you have 2k laid off people looking for jobs it ain’t so rosy
Animation production staff was hit today. They are giving them notice so they have some time. This is just the beginning.
Extremely sad and how do they expect anyone to concentrate on our work while we wait on them to execute their plan
This is so incredibly sad and very, very cruel.
What are some examples of “support functions” in this context?
If you work here (for now) - read your email. This is from the earnings call going on now:
redundant marketing/comm, finance, legal, tech, and other support functions
by end of year
in coming weeks
15% of US Staff (not contract)
"December 31, 2022 data was pulled on January 3, 2023. Worldwide employees: 23,137; Domestic employees: 17,238. At this time, this analysis was of staff employees only and did not include other classifications such as independent contractors or project-based employees."
17K*15% = 2550 pp (roughly)
"We have been advancing the Plan and that includes cutting our costs by at least $500 million on an annualized basis. In order to achieve this, we announced on our earnings call today that we will be reducing our US-based workforce by approximately 15%. These actions will take place in the coming weeks and will be largely complete by the end of the year." from the three CEO's, dated 08/08/2024
Aug 13 confirmed in Deadline.
https://deadline.com/2024/08/paramount-global-layoffs-earnings-skydance-deal-1236034096/
So fun to hear from Deadline before we hear internally. Makes you feel so valued.
How layoffs have happened to me in my career at past companies:
Big Layoffs:
Mandatory early morning meeting for large group, all let go at once, with a follow-up with HR.
Smaller Layoffs:
Announcement to company, individual 1:1 with manager and HR
Note: Layoffs are not about you or your individual performance, ever. It's about poor management, or market disruptions, generally poor leadership. It's a business failure. Please don't take it personally, I know that is hard.
You CAN negotiate severance. Try to do so if you think you deserve more. Use your achievements to leverage. Remember it's business, not personal.
Apply for Unemployment immediately. You won't get it while you have severance but apply right away.
Leverage your network - update resume, LinkedIn (connect to your coworkers) and spread the word you are open to new work. Start looking now, unless it's a dream job, don't apply until they PAY you to leave. (No sense leaving when they'll pay you to leave ie severance). Take time to regroup if you can afford to.
Considering a lot of workers are remote and don't even live not in LA or NY - removing a whole "coast" sounds like fake news.
At one time it would be unheard of to decimate the work force of one coast/location. Don't think the three stooges really care right now.
Animation was already hit hard in February. How much more can they take? Can they really decimate a whole coast of workers?
I heard animation would be hit on both coasts and I heard long term they want to clear out all of NYC.
Any clarification on production you could give ? Division -location?
I was told production would be hit this Friday and it will be a corporate blood bath next week
Today in our dept meeting it was indicated that August is legal. I got the impression that Legal will not be part of the Sept layoffs with additional layoffs.
But I don’t know which depts will be hit in Sept.
Anyone have any insight into why two rounds of layoffs (Aug & Sept) ? Horrible that it's being dragged out
VPs around who does what ?
I'm sure people who are not laid off will be given those duties
Is finance part of the layoffs in August?
Does anyone have any insight into how and when the various marketing departments will be affected?
It is my understanding the 55% (60%) is for this month's layoffs and that this number only concerns the legal department.
Based on some conversations including a few with my own boss, it would appear those departments hit in a few weeks would not be targeted in September.
I would hope this is the case but given the cr*pfest of the past few months, who knows.
Thank you to everyone who has posted. Has anyone heard anything regarding the September layoffs and how they are deciding to split the two rounds in regards to sectors affected?
possibly 55-60%?? is that for the 13th and 14th or does that include Sept.'s supposed "wave" too?
I was part of the last round of layoffs in Feb. The package I was given was to stay on regular payroll for 5 months. No lump sum was given. I also kept my health insurance for that 5 months. I took a few weeks to accept it and update my resume. I took a vacation and then got a job in a more stable environment. Most execs will take they huge buyouts and move on to run another company into the ground...
Long-time old fa-t employee here (Legal Department). I have heard the same dates as many others and was also told it was due to the high number of employees being released. As mentioned, severance is usually 2 weeks per year of service though I've heard you can try to negotiate a better one. Late on Wednesday I heard the actual % may creep as high as 55% - 60%.
This is a shi!tshow and totally su-ks.
Our company has over 160 EVP's and over 315 SVP's most of whom are US based. In some departments there is one or more EVPs reporting into an EVP with the same at the SVP level. While I don't wish anyone to lose a job, I would hope serious looks are being given at these top heavy layers though I doubt it.
As for the legal department, we are overstaffed and bloated in certain areas. Some trimming could be done. But the numbers being thrown around are astounding. We are there to protect the company and its interests. And to be brutally honest, in certain areas, to mitigate the absolutely stupid "creative" decisions made by some execs. Good luck fending off the lawsuits.
I fully expect to be let go and I'm working on the acceptance process. It's just sad that many of us being affected in different departments (legal, streaming) have to pay for the sins of others. The cable brands were absolutely destroyed by one of the co-CEO's and his army of creatively bankrupt sycophantic minions. Yet, they will continue on making their id--tic decisions so the company is nothing but a skeleton before Skydance takes over. The studio has lost its luster and cost cutting has destroyed the Tiffany network news division.
To those of us who are shown the door, know that it is OK to go through the various emotions of anger, sadness, fear, self-pity. It is OK to have your down moments and not GAF about the world. But also know, that you will survive - your being laid off does not define who you are in this world. You are a person of value and while it may not seem like it in the moment, you will come out stronger.
To those who "survive", know your emotions - while different - are also valid. It is my hope that when I go, my teammates continue their high levels of commitment and work so that the company can succeed. So that these layoffs aren't for nothing.
Peace and Good Luck to all.
Re: packages. Hoping this might help. I was laid off previously. It was 2 weeks for every year severance and health benefits turned off the following month with option for cobra after that. I was told over zoom by department head and HR on a Wednesday and my email access was gone by Friday but I said my goodbyes same day and turned in my laptop. Good luck everyone.
Have been hearing similar things re what everyone else posted. It’s all terrible, no way to run a business. Good luck to all (including myself - I’ve put in so so much during my time at this company and its multiple iterations for over 10 years and though I’m somewhat mentally prepared, it’s going to be devastating either way)
still can’t wrap my head around possible thousands cut. I remember the layoffs in 2008 around the holidays and it seemed massive at the time but was 800. Paramount has I think 22,500 employees now. Have cuts ever been in the thousand plus range? even in companies of similar sizes and challenges ?
I heard those two dates as well which is miserable bc it was implied it would take two days for notification - like the other poster heard thousands ...
Earnings call is August 8 - that may give hints
My team expects to be hit tho no one has sensed details like cancelled meetings or workload or questions from HR/ we also have not been asked to work remote those days yet. And we do have people on vacation.
Legal - Corporate that used to report to Bob
Plus will be hit very hard and I did hear international as well but the procedures for intl are different.
A WARN report would trigger with exact numbers - notice would be dated that day but don't know when NY would post it.
Terrible for so many people
My co worker in Feb got two weeks pay for every year since it was more than 3 months due under WARN -told on a Wednesday -last day Friday am The zoom with manager was sent out that am - HR meeting was later same day
Does anyone know when health is terminated or how they pay the severance for employees not under a contract?
Thanks for the info. Do you know if the Aug 13&14 dates are mostly legal?
Wondering if streaming is part of that round or an upcoming one.
And is it on the creative end or elsewhere?
Good luck to all.
Received confirmation that the layoffs are definitely happening in two weeks which would fit the 8/13 & 8/14 narrative.
It is 50% of the legal department with each group given a $$ target which is a % of their salary budgets. So, if one or two employees match up to the numbers they may be the most likely ones to go. Flip side, a team may need more people slashed to meet the numbers.
The only other comment was that the Legal department is going look way different than it does now. FWIW.
As for other groups, heard Streaming, International will be hit hard. No information on marketing as mentioned in someone's earlier post.
bumping back to the top of recent threads, any new info out there?
Has anyone heard any new updates this week?
It feels different this time because the troika of dunces has absolutely no idea what they're doing. No plan, no blueprint for the future. Just cut, cut, cut. They are in over their heads and 2 of the 3 are directly responsible for the pathetic state of the company's financials.