the difference with this layoff is that it's not being carried out under Bob Bakish. At least he was transparent.... with the "troika" you have to read between the lines.
“To be clear, $500 million in cost savings is just the beginning.." as well as the sale of assets.
At least with the Bob February layoffs, some information was telegraphed. Around 800 people etc. I’m not sure why this one feels so different and feels so drawn out & secretive. Maybe the answer is in the sheer number of people affected?
I'm at P+ as well. What we're the HR questions if you don't mind me asking? My team has been silent since the streaming town hall and no one seems to have or discuss any info
Will P+ engineering have layoffs ? Specifically SRE?
I really appreciate all the info here. I am at P+ , and with restructuring and odd questions from HR over the past week I believe this is going to be my round.
Anything to know about possible packages? Weeks pay, how long benefits stay on? Any details on recent separation agreements, what people got in Feb? I know there is nothing I can do, but curious in the meantime.
Thanks to everyone that's answered questions. It's such a touch spot to be in for all of us just waiting for the hammer to drop. :(
Regarding the marketing teams - I have no information other than the % indicated for an overall reduction. Ditto for the legal team.
I have heard the number of employees being let go is in the thousands, just curious if anyone else has heard the same?
If it is true, how the h**l do you run the company for another year?
Thank you to the poster for the specific dates of the layoffs. I appreciate it.
What about engineering teams ?
As far as marketing affected, will that be corporate marketing? P+ Marketing? CBS Marketing? Nickelodeon Marketing? Curious if it will be mangers or lower level workers that do the work
Do we know if the comms teams will be targeted? Specifically at Paramount+
marketing falls under division CMO- and under each CEO will be interesting to see how and who they target - there was also a corporate marketing group who's evp left at end of May. is it 40 per cent across the board or are specific teams being axed ?
to the P+ person, w/r/t my conversations - the creative teams refer to those who work on making the actual shows/content. I'm not even sure the 40% marketing number is accurate. I can only state the person who provided the information has been correct in the past. My question is are these %% all at once or broken out over the two supposed time frames for reductions. Whatever happens this has been poorly handled by the three-headed hydra monster.
I'm on a creative team at P+ under marketing . Is that being targeted? Many marketing and ad teams are considered creative teams. Or is that show teams? Thank you for any clarification
Have heard numbers are finalized and the administrative work is being completed. Employees will be notified 8/13 & 8/14. Up to 50% of Legal Department (not sure if $$ or staff #) has been targeted. Up to 40% of Marketing team. Production and creative teams seem to be business as usual.
Does anyone have any info on how many cuts will be made? Divisions/ roles that will be affected in the imminent layoffs?
FYI today and the 19th had 2 planned layoffs updated in April on the NYC dol warn notice site.
https://dol.ny.gov/system/files/documents/2024/05/warn-paramount-global-nyc-2023-0251-0256-4-19-2024-amended-1.pdf
It appears the rest of the layoffs will be mid-Aug and mid-Sept per the person below.
pretty sure that link covers the folks fired in February.
This warn notice says 303 today in NY https://www.warntracker.com/company/paramount-global
I put it below. The Layoffs start in mid-August and will be in two waves. Mid-August and Mid-September. Corporate functions and streaming are going to be taking the biggest hit. International is not part of these waves because it's easier to fire Americans. Lucky us.
Was there another town hall that gave more details or a timeline Someone on my team thinks layoffs begin Wednesday in some divisions... it's hard to get any more info out of her
They made it sound like all the back office functions: Finance, Operations, Legal, HR (though they just re-upped the HR head, so not sure whether that helps HR or not). After that, it's anything they think is redundant -- I mean there is CBS TV, Paramount TV, Showtime TV. How many different entities like that do you need creating series? International could be a huge piece as well just generally. Streaming layoffs would be huge depending on what they do with int'l and a JV in the US, though a lot of that isn't finalized yet. Like someone else said in the thread, the CEO's probably aren't basing the layoffs off any analysis. 2 out of 3 of them fancy themselves "creatives", so they want to continue to throw money at content without a leash, and firing a bunch of people who don't create content helps them do that. However, it's not gonna be a fun place to work when all the support teams are gone...
can u elaborate on the locations/depts that will be impacted?
I wouldn’t question what I wrote I know exactly when it is happening. It is in fact 2 waves first in mid august and second in late September. If something changes I will update. It is going to be a very large reduction in the thousands. Our CEOs have no strategy and just decided to attack corporate functions and streaming.
Post from TheLayoff.com
Layoffs have started! https://variety.com/2024/tv/news/entertainment-tonight-layoffs-etonline-website-1236067750/amp/
I have heard next week- it's usually on a Wednesday
Earnings is August 1
regarding the two waves comment...one of which is said to be mid-August.... Paramount typically has layoffs right before earnings, not after. i.e., layoffs Feb 13, earnings reported Feb 28.
Zucker will run CBS into the ground
Two waves. Mid August and mid September
Um they already mentioned cutbacks at the town hall of the three headed dragon. They're not going to get any more detailed than that after earnings. They may only say what businesses they plan on selling off. Any detail of any number of layoffs in any decisions will come when it comes & may just be coincidental. Um After Earnings is pretty general for a 3 month window
Say goodbye to union contracts
Adios redstone
After earnings