UPDATED with executive remarks: A momentous couple of weeks forParamountGlobal are underway.
In addition to theSkydancedeal, the eyes of the financial community will be focused on Paramounts cost-cutting plans.
According to multiple sources, Tuesday, August 13 is the target date.
Paramount GlobalArtur Widak/NurPhoto via Getty Images
Marketing and Paramount+ are two areas that are expected be hit hard, we hear.
Some speculate the staff reductions may stretch beyond next week into September and even possibly into next year.
As you might imagine, these are difficult decisions to make, McCarthy said on the earnings call.
We have incredibly talented people at Paramount, and these actions are not reflections of their contributions.
Rather, they are necessary to transform our organization for the future.
In November 2022, Paramount TV Studios as well as CBS Studios underwent staff reductions.
In February 2023, there were layoffs at Showtime.
That still seems to be true to an extent.
Shares closed Wednesday at $10.46, leaving them down 28% in 2024 to date.
