Paramount Global will enact $500 million in cost cuts by the end of 2024, including eliminating approximately 2,000 jobs
was the last of it, did you? No, we’re all way too wise to this game by now. The entertainment industry is in flux, and instead of coming up with creative, generative solutions , studio bosses inevitably turn to slashing and burning through content and the workforce instead. So it goes with Paramount Global’s goal to cut $500 million in costs by the end of the year, as announced on Tuesday.
George Cheeks, Brian Robbins, and Chris McCarthy said that the cost-cutting “process will take place in three phases, starting today and continuing through the end of the year. We expect 90% of these actions to be complete by the end of September.” So start with the easiest first: the big bosses have already indicated that $300 to $400 million of this reduction is going to come from layoffs; the company “expects to eliminate around 2,000 positions,” approximately 15% of the U.S.
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