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What will be the outcome of Paramount's cost-cutting measures by the end of 2024?
2
Resolution / Starting Odds
Increased profitability • 25%
Decreased profitability • 25%
No significant change • 25%
Other • 25%
Financial statements and official announcements from Paramount Global
Story
Paramount to Lay Off 15% of US Workforce, Close TV Studio Amid $6 Billion Writedown, Skydance Merger
Aug 13, 2024, 01:19 PM
Paramount Global has announced significant cost-cutting measures, including the closure of its Paramount Television Studios and the layoff of approximately 2,000 employees, or 15% of its U.S. workforce. These actions, starting Tuesday, are part of a broader strategy to reduce expenses by $500 million ahead of a planned merger with Skydance Media. The layoffs will occur in three phases and are expected to be completed by the end of the year. This decision follows a $6 billion writedown in the value of Paramount's cable networks, reflecting challenges in the traditional TV market as the company shifts focus towards streaming services. Nicole Clemens, a well-regarded chief, will depart as the studio's projects transition to CBS Studios.
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Similar markets
Yes • 50%
No • 50%
Increased investment in streaming services • 25%
Expansion into new international markets • 25%
Focus on blockbuster movie productions • 25%
Diversification into new media formats • 25%
Increase by more than 25% • 25%
Increase by 10-25% • 25%
Increase by less than 10% • 25%
No increase or decrease • 25%
Bronfman's bid accepted • 25%
Skydance merger proceeds • 25%
New bid from another party • 25%
No acquisition or merger • 25%
Cost cuts greater than $2 billion • 25%
Cost cuts between $1.5 billion and $2 billion • 25%
Cost cuts between $1 billion and $1.5 billion • 25%
Cost cuts less than $1 billion • 25%
Less than $30 billion • 25%
$30 billion to $32 billion • 25%
$32 billion to $34 billion • 25%
More than $34 billion • 25%
CBS • 25%
MTV • 25%
Paramount Pictures • 25%
Paramount+ • 25%
Yes • 50%
No • 50%
Yes, job cuts • 25%
Yes, budget cuts • 25%
Yes, other measures • 25%
No new measures • 25%
Up more than 20% • 25%
Up 10-20% • 25%
Up less than 10% • 25%
Down • 25%
Acquisition Completed • 33%
Acquisition Rejected • 33%
No Decision Made • 33%