Paramount begins job cuts as traditional TV market languishes

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 40 sec. here
  • 5 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 50%

Business أخبار

Company News,Top News,Top World

Paramount Global began laying off staff Tuesday after the entertainment company said last week that it planned to slash 15 per cent of its U.S.-based workforce, amounting to roughly 2,000 positions.

Matthew Dolgin, senior equity analyst at Morningstar Research, joins BNN Bloomberg to discuss Paramount's placement among streaming giants.

-- In an internal memo viewed by Bloomberg, the company’s three co-chief executive officers told staff that the job cuts would take place in three phases and continue throughout the rest of the year. They said they expect 90% of the layoffs to be completed by the end of September. “The industry continues to evolve, and Paramount is at an inflection point where changes must be made to strengthen our business,” the co-CEOs said in the memo.

While reporting second-quarter financial results last week, co-CEO Chris McCarthy said that the staff reductions would impact marketing, finance and other departments. The company also took a second-quarter impairment charge of $5.98 billion on its cable networks, yet another sign of weakness in the traditional TV industry.

 

شكرًا لك على تعليقك. سيتم نشر تعليقك بعد مراجعته.
لقد قمنا بتلخيص هذا الخبر حتى تتمكن من قراءته بسرعة. إذا كنت مهتمًا بالأخبار، يمكنك قراءة النص الكامل هنا. اقرأ أكثر:

 /  🏆 83. in SA

المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Paramount set for first earnings report since announcing Skydance takeoverParamount Global will deliver its first earnings report since announcing plans to merge with Skydance Media.
مصدر: YahooFinanceCA - 🏆 47. / 63 اقرأ أكثر »

Global Market Scan: Smart power grids - Transforming global energy infrastructureCanada's construction news
مصدر: DCN_Canada - 🏆 17. / 74 اقرأ أكثر »