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Will Paramount complete the layoff of 15% of its U.S. workforce by the end of 2024?
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Resolution / Starting Odds
Yes • 50%
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Official press releases or reports from Paramount Global
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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%
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%
Bronfman's bid accepted • 25%
Skydance merger proceeds • 25%
New bid from another party • 25%
No acquisition or merger • 25%
Yes • 50%
No • 50%
