Hollywood Layoffs Continue As Paramount Takes A Blow
The hits just keep on coming for movie and TV companies in Hollywood, with Paramount Global now being the latest creative entity to show workers the door as a reported way to cut costs and streamline operations (via Variety). The news comes as AMC Networks — the entertainment company behind AMC Studios and "The Walking Dead" franchise — also announced a "large-scale layoff" and financial cuts "to every operating area" it has.
The employee bloodbath has been going on for months now as more and more companies try to find ways to stay profitable in the wake of the COVID-19 pandemic. Warner Bros. Discovery has, so far, led the way in the layoff department following its controversial merger earlier this year. HBO and HBO Max have both been hammered by cuts, with 14% of staff — or around 70 people — getting let go in August. Execs at Warner Bros. claimed the company was firing people due to a "strategic realignment" within the company, which also saw Warner Bros. Animation (WBA) and Cartoon Network Studios (CNS) being combined after even more reported layoffs. Now, it seems that the job ax is coming down heavily at Paramount Global, with dozens of layoffs being announced Wednesday, November 30, at three different studios.
Workers from Paramount TV Studios, CBS Studios, and the Paramount+ scripted originals team let go
According to reports, nearly 30 people have been given the boot as of Wednesday by Paramount Global. Most of the employees were reportedly part of the business affairs, casting, production, and legal departments at Paramount TV studios and CBS Studios (via Variety). A handful of workers from the Paramount+ scripted originals team were also laid off, per sources who spoke to Variety — and they likely won't be the last.
"They've bumped up against the reality that it's a tough business and there really isn't room for everybody in it," explained Insider Intelligence principal analyst Paul Verna in an interview with CNN. "As a result, more dominoes are going to fall," he said, noting how other major entities like NBC Universal, Apple, and Amazon will likely announce layoffs at some point. "Any of the [companies] that have not yet announced layoffs probably will," Verna proclaimed. "It's the whole ecosystem."
As for Paramount, the job cuts actually didn't come as a surprise to people within the company, seeing how its restructuring was announced earlier this year (via Deadline). The reported plan is for Paramount TV Studios and CBS Studios to now combine with MTV Entertainment Studios in an attempt to streamline its content on Paramount+. It's currently unclear, though, who will be in charge when it comes to creating Paramount's scripted content.