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Paramount Consolidation of U.S. TV and Streaming Distribution Teams Results in Staff Cuts

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Paramount Global is undergoing additional restructuring leading up to its expected merger with Skydance Media in 2025. The media conglomerate is integrating the group that handles distribution for the Paramount+ and Pluto TV streaming services with its U.
Paramount Global is undergoing a significant restructuring of its domestic TV media networks and streaming distribution teams, resulting in layoffs affecting approximately 25% of the staff in these divisions. This move is part of a broader cost-cutting initiative led by CEO Bob Bakish, aiming to streamline operations and reduce expenses. The layoffs primarily impact the ad sales department, with the company focusing on integrating its cable networks and streaming services more closely. Paramount is also shifting its strategy towards a more centralized approach to content distribution, emphasizing direct-to-consumer models and reducing reliance on traditional cable bundles. This restructuring comes amidst a challenging economic environment for media companies, with Paramount seeking to adapt to the evolving landscape of television and streaming.

Read the Full Variety Article at:
[ https://variety.com/2024/tv/news/paramount-tv-streaming-distribution-layoffs-1236246417/ ]