The film and television industry faces more challenges as #WarnerBrosDiscovery announces another round of layoffs. According to Deadline, the company is implementing additional cuts as part of cost-cutting measures, impacting departments such as Max, production, business affairs, and finance. This comes after CNN laid off 100 employees last week, reflecting broader industry turmoil as companies like Paramount, Disney, Amazon, and Netflix also make cuts. In addition, Warner Bros. Discovery is under pressure to sell the #SnyderVerse to Netflix or bring back #ZackSnyder to complete Justice League 2 and 3, which raises doubts about upcoming projects like James Gunn's DC Studios films. Despite CEO David Zaslav's defense of the layoffs for restructuring purposes, the ongoing job cuts and fan discontent indicate more profound organizational instability.
The Reasons I'm Broke’s Post
More Relevant Posts
-
The film and television industry faces more challenges as #WarnerBrosDiscovery announces another round of layoffs. According to Deadline, the company is implementing additional cuts as part of cost-cutting measures, impacting departments such as Max, production, business affairs, and finance. This comes after CNN laid off 100 employees last week, reflecting broader industry turmoil as companies like Paramount, Disney, Amazon, and Netflix also make cuts. In addition, Warner Bros. Discovery is under pressure to sell the #SnyderVerse to Netflix or bring back #ZackSnyder to complete Justice League 2 and 3, which raises doubts about upcoming projects like James Gunn's DC Studios films. Despite CEO David Zaslav's defense of the layoffs for restructuring purposes, the ongoing job cuts and fan discontent indicate more profound organizational instability.
-
-
Former Broadcast Technical Manager | NBA, NCAA, Entertainment | Studio & Mobile Transmission, QC
Hollywood is in crisis again. If I recall correctly of my college film history class, Hollywood almost went bust in the post war era but found a way to survive. Being an independent contractor is a rewarding way to structure ones work life and when business is good, it's real good. The flip side is that when it's bad, it's real bad. Without benefits, workers can and do face the problem of not even being able to pay for rent, not having a large savings account set aside for getting through the big crisis that hits once in a career. This happened to me when I got laid off and I thought I'd be able to get back to work after only 6 months because my resume was good. After 6 months I realized that the industry was having to be very picky about how many new hires they brought in and the competition in the entertainment industry was fierce. As a result, I've done a lot of work to become better at interviews with corporate HR and hiring managers. The benefits packages are looking very tempting, and I just want to get back to work, but over the last month things have gone from bad to worse as this BBC article notes by calling the situation an actual crisis (and they're not the only ones.) With lots more layoffs happening, the reality is setting in for more and more people. The unemployment numbers are over 12% officially, but there are plenty of folks who have been saddled for more than 6 months and have exhausted their unemployment benefits which means they are no longer getting counted and the numbers are deflated. The industry will adapt. It has bounced back before and will do so again, but in the mean-time.... ouch. https://lnkd.in/grY_unrC
-
Last year, Hollywood braved the summer of strikes. This year, a cruel mirror image has appeared: a brutal season of layoffs. Studios like Paramount and Warner Bros. Discovery cut jobs to address financial losses from the streaming wars. These layoffs, driven by the declining relevance of traditional TV networks and the economic impact of strikes, mark a reset for the entertainment industry. While green light activity for new shows has slowly increased in 2024, it remains below peak levels, leaving many workers still struggling to find jobs in a shrinking industry. https://bit.ly/3Teimie
-
-
#Human1st #HRExecutive 💼 | #REIT Director 🏙️ | #DEIB Pro 🏳️🌈 | #Creative 🎨 #Strategist 🧠 | 💯 Unapologetically Me 🤓
#Entertainment & #Media #Layoff #Alert at Paramount Pictures !!! #CEO #QuoteOfTheDay ["We are reducing our U.S.-based workforce by approximately 15% and we are primarily focused on two areas," Paramount Global co-CEO #ChrisMcCarthy said during the Q2 earnings call. "First, abundant functions within #Marketing and #Communications. Second, streamlining our corporate structure, reducing our #Headcount in #Finance, #Legal, #Technology and other support functions. These actions will take place in the coming weeks and will largely be completed by the end of the year."] https://lnkd.in/gVSkw9dN
Paramount Global to Cut 15% of US Workforce in Latest Round of Layoffs
msn.com
-
Customer-Centric Director of Marketing & Analytics | Automation & AI Expert | Results-Driven Project Manager | Skilled Analyst | Elevating Business Performance | 18K+ Social Media Followers
𝐋𝐚𝐲𝐨𝐟𝐟𝐬 𝐯𝐬. 𝐩𝐫𝐨𝐟𝐢𝐭𝐬: 𝐏𝐚𝐫𝐚𝐦𝐨𝐮𝐧𝐭'𝐬 𝐛𝐨𝐥𝐝 𝐩𝐚𝐫𝐚𝐝𝐨𝐱 I recently saw the headlines of Paramount Global’s announcement to lay off 15% of its U.S. workforce and write down $6 billion from its cable TV networks. This raised deep concern for the #Media, #Marketing, and #Entertainment industries. As a Marketing & Analytics professional, this volatility hits close to home as more families are switching to streaming services. These layoffs, targeting key roles in marketing, finance, and legal, are part of their strategy to merge with Skydance Media and save $500 million annually. Mergers typically streamline costs while one brand swallows the other. Despite the harshness, this situation emphasizes three vital takeaways: ➡ continual #Innovation ➡ adapting to trends ➡ and maintaining a forward-thinking approach to survive Faced tough choices like Paramount? Share your story! Follow Christopher Rubalcava from Impactful Digital Marketing
-
-
Insightful article from The L.A. Times (via Christian Grece), explaining U.S. layoffs, as well as the current situation of commissioning (this year compared to recent years). If there is a silver lining, it may be that Europe with its great talent, subsidies and tax rebates might benefit, as U.S. is forced to to look into collaborating with EU players. The more financing structures a country has, the better they are off now that financing plans are being restructured and anyone able to come up with capital - be it subsidies, soft loans, private equity or tax rebates - will have the upper hand.
From the LA Times: Last year, #Hollywood braved the summer of strikes. This year, a cruel mirror image has appeared: a brutal season of layoffs. The #entertainment industry is reeling from cuts at Paramount Global, which last week began a deep cost-cutting effort that is expected to eliminate 2,000 jobs, or 15% of staff, by year’s end ahead of a long-in-the-works ownership change. As part of that effort, the struggling media giant closed down Paramount Television Studios, the unit responsible for #streaming shows such as “Reacher” and “The Offer.” The workforce reduction is just another example of the full-on reset the #film and TV business is enduring in the aftermath of the streaming wars. Debt-saddled Warner Bros. Discovery targeted nearly 1,000 cuts in its latest round of downsizing. The Walt Disney Company’s #TV division last month shed 140 workers, the latest in a round of layoffs Studios used the writers’ and actors’ strikes as cover to reduce their spending after losing billions of dollars trying to catch up with Netflix . All the while, the cable TV business continued to disintegrate, like a slowly melting glacier that suddenly broke into pieces. Paramount‘s and Warner Bros. Discovery’s decisions to write down the value of their cable networks felt like an admission that the TV business had reached a point of no return, and that once formidable brands including TNT, HGTV, MTV and Comedy Central had lost relevance. Between Paramount and Warner Bros. Discovery, $15 billion in value were wiped out in a matter of days. In another major change, Warner Bros. Discovery said Friday that it would shift oversight of its networks to television studio chief Channing Dungey. It all seemed like the logical result of what Walt Disney Co. Chief Executive Bob Iger foresaw in 2015, when he sent the stocks of media companies, including Disney, plunging with comments about the challenges ahead for cable channels such as ESPN . More ominously, between his first and second terms as Disney’s CEO, he remarked that traditional TV was “marching to a distinct precipice,” and would be “pushed off.” The Times’ review of the numbers found that major entertainment companies’ commissions for traditional broadcast television, cable and streaming shows in the U.S. and Canada increased 39% to 1,013 programs in the first half of 2024, compared to the second half of 2023. The data factored in green lights from Warner Bros. Discovery, Netflix, Amazon , Disney, Apple , Paramount and Comcast (not including theatrical movies). But green light activity was still down 9.9% compared with the first half of 2023, according to Ampere Analysis data. Even more dire are comparisons with the first half of “peak TV” year 2022, when the companies commissioned 1,515 programs in the U.S. and Canada. Taking a more global view, the data also show that a large portion of the newly commissioned shows and streaming movies are being produced abroad and for less money.
What's behind Hollywood's latest wave of layoffs? The business is in reset mode
latimes.com
-
Lead Narrative Designer | Narrative Designer | Senior Game Writer | Game Writer | Creative Writer | Scriptwriter | World Builder | Mentor | Teacher | Lecturer | Presenter | #NarrativeDesignTip |
Brilliant advice from Jesse Alexander “Remember that your exit is as important as your entrance.” This is solid advice because your next employer, job interviewer, recruiter, coworker, manager, or person who might recommend you is watching. This industry is small and bad reputations travel fast. Another way to look at it: Just like how dating isn’t true love, dating is situation-ships. In todays job market: Jobs aren’t careers, they are Employment-ships. So enjoy it while it lasts, learn things, grow, update your CV & LinkedIn when new tasks, skills, titles, and games (if unannounced label it as such) are added and move onto the next.
Brutal week for Paramount employees. It's a layoff palooza in Hollywood these days. Not to mention Bungie, Riot, Etc. I'm not unfamiliar with the heartbreak of creative differences. Remember that your exit is as important as your entrance. Keep your emotions out of it. Resist the urge to burn bridges. I've seen colleagues turn contentious departures into future collaborations. Today's adversary could be tomorrow's ally. Leave with grace, maintain relationships, and keep doors open. Your professional reputation is your most valuable asset in any industry. How you handle conflicts can define the longevity of your career. Eat a pint of ice cream, call it a vegetable, and move on. #HollywoodEtiquette #ProfessionalGrowth #NetworkingTips
-
-
Brutal week for Paramount employees. It's a layoff palooza in Hollywood these days. Not to mention Bungie, Riot, Etc. I'm not unfamiliar with the heartbreak of creative differences. Remember that your exit is as important as your entrance. Keep your emotions out of it. Resist the urge to burn bridges. I've seen colleagues turn contentious departures into future collaborations. Today's adversary could be tomorrow's ally. Leave with grace, maintain relationships, and keep doors open. Your professional reputation is your most valuable asset in any industry. How you handle conflicts can define the longevity of your career. Eat a pint of ice cream, call it a vegetable, and move on. #HollywoodEtiquette #ProfessionalGrowth #NetworkingTips
-
-
Leading Consultant on SkillsFuture & CET | Expert in SSG OR, WSQ CA, Non-WSQ CF and TPQA | 25+ Years in L&D
Warner Bros. Discovery's decision to lay off nearly 1,000 employees amid financial turmoil is a glaring example of corporate shortsightedness. In an era where innovation and agility are paramount, why are media conglomerates still resorting to layoffs as a primary solution to their problems? David Zaslav's approach of cutting jobs and considering asset sales reflects a troubling trend in the industry: sacrificing human capital to appease shareholders. What happened to investing in talent and technology to drive growth? The analyst's call for strategic alternatives, including spinning off CNN or merging with other streamers, highlights the desperate measures being considered to salvage a faltering business model. Is this the new normal for media giants? Chopping jobs and selling off prized assets while ignoring the root causes of decline - outdated business models and a lack of innovation. It's time for a paradigm shift. Media companies must prioritize sustainable growth strategies over quick fixes. The future of the industry depends on it. Let's start a conversation: Should media companies invest more in innovation and talent rather than resorting to layoffs? How can they balance financial stability with sustainable growth? #MediaIndustry #CorporateStrategy #Innovation #Layoffs #BusinessTransformation
Warner Bros. Discovery to lay off nearly 1,000 staffers amid calls from analyst to ‘explore stategic options’
nypost.com
