Paramount Begins Layoffs of 15 Percent of US Staff

Paramount Global, the parent company of one of Hollywood’s oldest studios—home to the “Mission: Impossible” franchise and the film “Titanic”—began a massive layoff of its U.S. workforce on Aug. 13. The entertainment giant announced a plan to cut 15 percent of its domestic staff, about 2,000 employees, to cut redundant functions and streamline teams as it merges with a consortium led by Skydance Media and its private equity backer RedBird Capital. Paramount’s chief executive officers George Cheeks, Chris McCarthy, and Brian Robbins told employees the changes could be “difficult.” “The industry continues to evolve, and Paramount is at an inflection point where changes must be made to strengthen our business. And while these actions are often difficult, we are confident in our direction forward,” according to a memo obtained by The Epoch Times....