Paramount Global is paring back another 3.5% of its U.S. workforce, eliminating several hundred jobs domestically.
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| Michael Buckner/Variety |
In a companywide memo published on Tuesday, June 10, the company’s trio of co-CEOs — CBS chief George Cheeks, Chris McCarthy, president and Chief Executive Officer, Showtime/MTV Entertainment Studios and Paramount Media Networks, and Paramount Pictures and Nickelodeon head Brian Robbins — cited linear TV declines and a “dynamic macro-environment” for the layoffs. The pink-slips come as the media company, parent of CBS, Nickelodeon, MTV, Paramount Pictures, Paramount+ and more, is in a holding pattern in its merger with Skydance Media, which is still pending FCC approval nearly a year after the agreement was announced.
CBS Studios casting is among many areas across Paramount impacted by today’s layoffs. They are believed to also include Comedy Central, MTV, kids and adult animation, business development operations, franchises and consumer products. Among those exiting is Lauren Ruggiero, Senior Vice President (SVP) Scripted Series at MTV Entertainment Studios.
Veteran casting director and executive Deborah Aquila, most recently Executive Vice President (EVP) and head of casting for streaming series at CBS Studios, is leaving as part of the companywide layoffs at parent Paramount Global. According to sources, Aquila and four other members of the studio’s casting team, ranging from coordinator to VP, were impacted by the Tuesday cuts.
Also leaving this week is Nick Bernstein, CBS’ SVP of late night programming, West Coast. His departure is tied to the wrap of the network’s After Midnight whose last show is airing on June 12. It is not directly related to the layoffs though any eliminated positions help divisions meet headcount targets.
In a restructuring well over a year ago, Aquila focused on casting for streaming series, including the Star Trek franchise, Happy Face and most recently, the Little House On the Prairie reboot for Netflix, while CBS head of Casting, Lyon, took over. That is a setup that mirrors CBS and CBS Studios’ integration of current programming under Eric Kim, while CBS Studios’ Stephanie Groves oversees current for streaming.
In another move toward streamlining and centralizing shared functions, EVP Claudia Lyon, who oversees casting for broadcast, will add casting for streaming series to her purview to oversee all casting for CBS Studios and CBS. She will continue to report to CBS Studios President David Stapf and CBS Entertainment President Amy Reisenbach.
President Donald Trump’s crusade against the media (in this case CBS News) is holding up the deal despite the fact that Paramount controlling shareholder Shari Redstone and Skydance backer Larry Ellison are longtime Trump supporters. Along with filing a $20 billion lawsuit over routine business activities at 60 Minutes, Trump’s appointee to chair the FCC, Brendan Carr, has slow-walked the agency’s review of the merger. While mediation talks are ongoing in the lawsuit, hopes have not recently been high for a near-term settlement.
Paramount reportedly offered $15 million to settle the suit, however, in a letter sent on Friday, May 30 to former 60 Minutes Executive Producer Bill Owens and ex-CBS News and Stations boss Wendy McMahon, plus the Paramount Global board and the state Attorney General, the heads of the Senate Energy, Utilities & Communications Committee and the Senate Judiciary Committee in Sacramento, California, Senators Josh Becker and Thomas J. Umberg have began an investigation to see if Golden State bribery and unfair competition laws are about to be violated.
Through last summer and fall, Paramount made layoffs and implemented restructuring aimed at cutting 15% of its domestic headcount, affecting about 2,000 employees. The cutbacks were part of efforts to slash $500 million in annual costs. As of the end of 2024, Paramount Global had 18,600 employees worldwide. As opposed to the multi-phase layoffs last year, the new round is taking effect Tuesday.
“We will be reducing our domestic workforce by 3.5%, with the majority of impacted staff being notified today,” Cheeks, McCarthy and Robbins wrote in the memo, obtained by Variety. They added that the layoffs “may also result in some impacts to our workforce outside the U.S. over time.”
Paramount isn’t alone among big media companies making job cuts: Recently, Disney laid off several hundred employees across TV, film and corporate finance groups, while Warner Bros. Discovery let go fewer than 100 in its cable TV business.
Separately, on Monday, Paramount disclosed that CFO Naveen Chopra is exiting the company after five years as of June 27. He will join gaming company Roblox as chief financial officer on June 30.
Read the memo from the three Paramount co-CEOs:
Hi Everyone,As we navigate the continued industry-wide linear declines and dynamic macro-economic environment, while prioritizing investments in our growing streaming business, we are taking the hard, but necessary steps to further streamline our organization starting this week.We will be reducing our domestic workforce by 3.5%, with the majority of impacted staff being notified today. This process may also result in some impacts to our workforce outside the US over time. As always, any changes will be considered in accordance with local legal obligations.We recognize how difficult this is and are very thankful for everyone’s hard work and contributions. These changes are necessary to address the environment we are operating in and best position Paramount for success.Along with our HR leaders, we are committed to ensuring all impacted employees are supported with care and respect during this time.We are deeply grateful to the many employees who have been a part of creating and propelling our record-breaking hit content — most recently Mission: Impossible – The Final Reckoning, MobLand, and the NCAA Tournament — and for the impressive growth in streaming that our hits continue to drive. As our company transforms, there is so much to be proud of. Our progress is clear, and the results are meaningful.As always, thank you for your commitment, compassion and support for one another as we continue to transition Paramount for the future.George, Chris and Brian
In a separate message on Monday, Cheeks, McCarthy and Robbins paid tribute to outgoing EVP and CFO Naveen Chopra, and praised Andrew Warren, currently Strategic Advisor to the Office of the CEO and former Chief Financial Officer of Discovery Communications, who will assume the additional role of Executive Vice President, Interim Chief Financial Officer, saying:
"We thank Naveen for his leadership role during a dynamic period of transformation and growth. We are excited to partner with Andy, who has been our strategic advisor, in his new, expanded role as interim CFO and we are confident that his deep financial expertise and familiarity with our business make him exceptionally well-suited to step into this position."
Andrew Warren brings extensive financial leadership experience to the role, having previously served as CFO at Discovery Communications, where he was instrumental in driving strategic initiatives and growing the global business footprint. He also served as CFO of STX Entertainment and the NBCU Television Group. In his current role as Strategic Advisor to the Office of the CEO at Paramount, he has worked closely with senior leadership on key financial and strategic priorities.
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Additional source: Deadline.
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