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Tough Market We have all watched the streaming wars evolve over the last two decades. Paramount went for a mixed low-cost and differentiation strategy (heavy into Star Trek revival and a few other shows that didn’t do so well) in light of their rivals. Clearly there is some restructuring work taking place to squeeze value from elsewhere. Interesting to see how this response goes. #Paramount #CBS #cuts #business #strategy #television #entertainment #shows

Paramount Global will begin laying off 15% of its workforce in the United States starting Tuesday and close down its Paramount Television studio as part of a planned restructuring, the media giant said in internal communication. Paramount, which owns networks like CBS, MTV and Comedy Central, aims to reduce annual costs by $500 million and return to profitable growth ahead of its merger with David Ellison's Skydance Media. In an internal memo, Paramount's co-CEOs stated that the company is at an "inflection point" where changes are necessary to strengthen the business. The layoffs, which were announced during a post-earnings call last week, are expected to affect roughly 2,000 people. They will continue through the end of 2024, with 90% of the cuts expected to be completed by the end of September. Paramount Television Studios (PTVS) will also be shut down as part of the company's broader restructuring plans, President Nicole Clemens said in an email to employees. All current PTVS series and development projects will be transferred to CBS Studios, Cheeks said, adding that members of CBS teams will also be leaving the company. The restructuring comes as the New York-based company navigates a challenging linear TV market, having recently written down the value of its cable networks by nearly $6 billion. #Hollywood #studios #Paramount #CBS #linear #TV #cabletv #svod #ott

In a town known for storylines, Paramount's sale didn't disappoint. The media giant, which owns Paramount Pictures and CBS, has been in the news as an acquisition target since late last year. And just like its movies and television shows, Paramount's sale included twists, turns, and a slew of characters. But the final scene is here, it seems, as Skydance and Paramount have agreed to terms valuing the media giant at $8 billion. So with a deal wrapping up, what comes next for Paramount, and the wider streaming industry? I spoke to Peter Kafka to get some of his takeaways. More on Business Insider #media #paramount #streaming #hollywood #movies #television

BUSINESS FOCUS: Paramount Television Studios, is shutting down as a $500 million cost cutting effort by parent corporation Paramount Global. A bitter but possibly necessary medicine (that they may yet grow to regret). A rather sad end to the division that was Desilu Production Studio, founded by Lucille Ball and Desi Arnaz, and that also produced Star Trek and most recently Jack Ryan series. This streamlining move will bring series creation back to CBS Studios, and a much-needed creative talent boost for the NCIS universe that has been plagued by confusion due to constant changes. However, there is a risk that this shift could limit the emergence of fresh and unconventional series ideas as CBS Studios tends to focus heavily on a single genre. This may result in valuable input from former Paramount Television creators being overlooked and fewer opportunities for new ideas to surface, given the reduced channels of communication for discussing TV series. Summary Analysis: the decision is necessary to achieve cost-cutting goals and improve management efficiency. Yet, there is a concern that it could impede the development of innovative series needed to thrive in the evolving landscape of Paramount Global. It is crucial to find a balance that preserves a culture of creative thinking and embraces risk-taking to continue fostering innovative ideas and opportunities in the television industry.

Paramount Global To Lay Off 15% of US Workforce, Close TV Studio: Paramount Global will lay off 15% of its U.S. workforce, close Paramount Television Studios, and transfer its projects to CBS Studios as part of a massive restructuring plan. According to Reuters, the media company "aims to reduce annual costs by $500 million and return to profitable growth ahead of its merger with David Ellison's Skydance Media." From the report: In an internal memo, Paramount's co-CEOs stated that the company is at an "inflection point" where changes are necessary to strengthen the business. The layoffs, which were announced during a post-earnings call last week, are expected to affect roughly 2,000 people. They will continue through the end of 2024, with 90% of the cuts expected to be completed by the end of September. Paramount Television Studios (PTVS) will also be shut down as part of the company's broader restructuring plans, President Nicole Clemens said in an email to employees. George Cheeks, Paramount Global's co-CEO, said the move to close down the studio by the end of the week is the result of major shifts in the television and streaming industry and a need to streamline the company. All current PTVS series and development projects will be transferred to CBS Studios, Cheeks said, adding that members of CBS teams will also be leaving the company. Read more of this story at Slashdot.

" and another one gone, another one gone"" More layoffs in movie Tv entertainment industry- this time Paramount TV. Lining up for it's merger with Skydance. It is incredible how many have come to me over the past year direct from the studios, wanting work or asking for help and advice about what to do . Fact is producing content independently is very different from having your weekly wages paid by the studio. Not only that the skill set is far deeper as a commercial independent and it takes tenacity. Those laid off have been have been in for some sharp lessons about how hard it is to produce with the studios and distributors but independently. Not only does it take talent and a keen eye but it takes the kind of perseverance and chutzpah that major entrepreneurs face and have faced. When I took my skincare to # 1 on Amazon it was easy compared with making movies or being at the sharp C suite end of major indie movie companies. Thus my first advice to anyone laid off is: are you an entrepreneur or do you value to your 9-5 . If it is the latter you may wish to pivot out of the business into areas such as health etc. As the actual art of making a movie is much tougher than you may realize. The studios will refresh not play musical chairs so much this time, as they look to down size salaries and expect to produce content in different ways. So take care and that is the first questions to ask yourself. Entrepreneur or 9-5. Honestly many who have come to me from the middle and executive corporate side of the studios do not have the skill sets required. Tough words but true. and I will say this-I have loved some of my time out of the business in other industries. it is refreshing so don't be scared take the plunge. The world doesn't live for or stop for movies or TV any more. New world

Paramount's shutting down Paramount Television Studios after 11 years, with 20-30 employees now updating their resumes. This move is part of Paramount Global's bigger cost-cutting mission—they're slashing 15% of their U.S. workforce to save about $500M. All PTVS projects will be absorbed by CBS Studios, consolidating their TV production under one roof. Meanwhile, Paramount+ is riding its own rollercoaster. It lost 2.8M subscribers in Q2, mostly due to exiting a South Korean deal and post-Super Bowl churn. But plot twist—they still managed to turn their first-ever streaming profit of $26M. As Paramount preps for its Skydance Media merger, they're clearly trying to streamline and adapt.

Paramount Global To Lay Off 15% of US Workforce, Close TV Studio: Paramount Global will lay off 15% of its U.S. workforce, close Paramount Television Studios, and transfer its projects to CBS Studios as part of a massive restructuring plan. According to Reuters, the media company "aims to reduce annual costs by $500 million and return to profitable growth ahead of its merger with David Ellison's Skydance Media." From the report: In an internal memo, Paramount's co-CEOs stated that the company is at an "inflection point" where changes are necessary to strengthen the business. The layoffs, which were announced during a post-earnings call last week, are expected to affect roughly 2,000 people. They will continue through the end of 2024, with 90% of the cuts expected to be completed by the end of September. Paramount Television Studios (PTVS) will also be shut down as part of the company's broader restructuring plans, President Nicole Clemens said in an email to employees. George Cheeks, Paramount Global's co-CEO, said the move to close down the studio by the end of the week is the result of major shifts in the television and streaming industry and a need to streamline the company. All current PTVS series and development projects will be transferred to CBS Studios, Cheeks said, adding that members of CBS teams will also be leaving the company. Read more of this story at Slashdot.

Paramount Global To Lay Off 15% of US Workforce, Close TV Studio: Paramount Global will lay off 15% of its U.S. workforce, close Paramount Television Studios, and transfer its projects to CBS Studios as part of a massive restructuring plan. According to Reuters, the media company "aims to reduce annual costs by $500 million and return to profitable growth ahead of its merger with David Ellison's Skydance Media." From the report: In an internal memo, Paramount's co-CEOs stated that the company is at an "inflection point" where changes are necessary to strengthen the business. The layoffs, which were announced during a post-earnings call last week, are expected to affect roughly 2,000 people. They will continue through the end of 2024, with 90% of the cuts expected to be completed by the end of September. Paramount Television Studios (PTVS) will also be shut down as part of the company's broader restructuring plans, President Nicole Clemens said in an email to employees. George Cheeks, Paramount Global's co-CEO, said the move to close down the studio by the end of the week is the result of major shifts in the television and streaming industry and a need to streamline the company. All current PTVS series and development projects will be transferred to CBS Studios, Cheeks said, adding that members of CBS teams will also be leaving the company. Read more of this story at Slashdot.

To help save $500 million, Paramount is shuttering its namesake studio, producer of Amazon’s 'Reacher' and Apple’s 'Time Bandits.' But not to worry, they still have two left. Paramount Global’s decision to shutter its namesake TV studio means the loss of dozens of jobs, the shifting of several series to another banner and a consolidation of power within the company’s two remaining TV studios — at least until a potential Skydance-Paramount merger is complete. Paramount TV Studios ceased operations Aug. 16 as part of heavy layoffs at the parent company. Paramount is cutting 15 percent of its U.S.-based employees in an effort to lop $500 million off its balance sheet. The studio’s current productions, including the Prime Video hit Reacher and Apple TV+’s Time Bandits, along with upcoming shows Cross (Prime Video), Before and Murderbot (both at Apple TV+) and any projects in development, will move to corporate sibling CBS Studios.