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With Paramount Assets In Play, There’s Chatter About A Sale Of Its Hollywood Lot
There's chatter over the future of Paramount's Hollywood lot as the highly indebted company plans to divest assets.
Jeffrey Katzenberg pulled off a similar deal in 2015 when DreamWorks Animation was also a cash-strapped, publicly traded company, selling its lot in Glendale for $185 million to the investment arm of Sun Trust Banks. Staffers at today’s town hall listened anxiously for hints at layoffs, which the CEOs confirmed are coming amid $500 million in cost cuts. Deadline hears they haven’t reached a definitive number in terms of headcount reduction, but are looking at extraneous corporate infrastructure layers in comms, finance and legal and offshore cable channel offices.
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