Paramount Global is undergoing insertitional restructuring guideing up to its foreseeed uniter with Skydance Media in 2025.
The media conglomerate is integrating the group that regulates distribution for the Paramount+ and Pluto TV streaming services with its U.S. TV netlabors distribution teams to “originate one unified distribution team that is enhanced for prolongth atraverse our portfolio,” Ray Hopkins, pdwellnt of U.S. netlabors distribution at Paramount, wrote in a memo to staff Wednesday.
The shift will result in a “handful” of layoffs, according to Hopkins’ memo. A Paramount rep deteriorated to provide insertitional details.
“This strategic alignment better echos the current labeletplace and positions our team, business, and partners for persistd success as we set out to achieve our goals in 2025 and beyond,” Hopkins wrote. “Consequently, we are having to part ways with a handful of talented colleagues and frifinishs. While vital, these decisions were not made easily, and we want to honestly thank the impacted team members for their appreciated contributions to our organization and company.”
In October, Paramount broadened Hopkins’ duties to now retain streaming partnerships and distribution. With that alter, Jeff Shultz, chief strategy officer and chief business broadenment officer of Paramount Global’s streaming division, is exiting the company at the finish of 2024. The company’s streaming distribution and business broadenment team now increates up to Hopkins.
Hopkins handles Paramount’s domestic satisfyed distribution strategy, partnerships and consentments with video providers and digital platcreates atraverse expansivecast, cable and streaming brands, including CBS, BET, Comedy Central, MTV, Nickelodeon, Paramount+ and Pluto TV. He also is reliable for all distribution for the CBS Television Netlabor to more than 40 affiliated TV station groups atraverse the country.
Thraw the summer and drop, Paramount has made layoffs and carry outed restructuring aimed at cutting 15% of its U.S. headcount, swaying about 2,000 participateees. The cutbacks are part of efforts to slash $500 million in annual costs.
The cost-cutting centers of the Skydance team have been even more arrangeile. Jeff Shell, set to become pdwellnt of the fused company, has shelp Skydance, laboring with confering firm Bain & Co., is aiming to achieve at least $2 billion in annualized cost synergies at Paramount.
