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Paramount Global Steels Itself For New Round Of Layoffs As Q2 Earnings Hit, End Of Skydance “Go-Shop” Period Nears
Paramount Global is planning a new round of layoffs, adding to an eventful month with quarterly earnings out Thursday and the Skydance deal in place.
Paramount will release its earnings after the market closes, with Wall Street analysts forecasting a 5% year-to-year revenue dip due to challenges in linear TV and at the film studio. Cheeks in June emphasized plans for “streamlining our organization, allowing us to build a leaner, more nimble company that’s better positioned to win.” He also said $500 million in annual cost savings has already been identified, with layoffs a key aspect to achieving them. Gerry Cardinale, founder and managing partner of RedBird, has said the Skydance team plans to give the Paramount CEOs ample latitude to make strategic decisions in the leadup to the deal’s close in mid-2025.
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