Paramount World is present process further restructuring main as much as its anticipated merger with Skydance Media in 2025.
The media conglomerate is integrating the group that handles distribution for the Paramount+ and Pluto TV streaming providers with its U.S. TV networks distribution groups to “create one unified distribution staff that’s optimized for progress throughout our portfolio,” Ray Hopkins, president of U.S. networks distribution at Paramount, wrote in a memo to employees Wednesday.
The transfer will end in a “handful” of layoffs, in line with Hopkins’ memo. A Paramount rep declined to supply further particulars.
“This strategic alignment higher displays the present market and positions our staff, enterprise, and companions for continued success as we got down to obtain our targets in 2025 and past,” Hopkins wrote. “Consequently, we’re having to half methods with a handful of gifted colleagues and mates. Whereas obligatory, these choices weren’t made simply, and we wish to sincerely thank the impacted staff members for his or her valued contributions to our group and firm.”
In October, Paramount expanded Hopkins’ duties to now embody streaming partnerships and distribution. With that change, Jeff Shultz, chief technique officer and chief enterprise growth officer of Paramount World’s streaming division, is exiting the corporate on the finish of 2024. The corporate’s streaming distribution and enterprise growth staff now experiences as much as Hopkins.
Hopkins oversees Paramount’s home content material distribution technique, partnerships and agreements with video suppliers and digital platforms throughout broadcast, cable and streaming manufacturers, together with CBS, BET, Comedy Central, MTV, Nickelodeon, Paramount+ and Pluto TV. He is also answerable for all distribution for the CBS Tv Community to greater than 40 affiliated TV station teams throughout the nation.
By the summer time and fall, Paramount has made layoffs and applied restructuring aimed toward slicing 15% of its U.S. headcount, affecting about 2,000 staff. The cutbacks are a part of efforts to slash $500 million in annual prices.
The fee-cutting targets of the Skydance staff have been much more aggressive. Jeff Shell, set to develop into president of the mixed firm, has mentioned Skydance, working with consulting agency Bain & Co., is aiming to realize at the least $2 billion in annualized price synergies at Paramount.
