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2 months ago
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EXCLUSIVE: Paramount’s advertising division is the latest unit to be hit by layoffs.
Deadline understands that layoffs began across Paramount Advertising, which is run by President John Halley, earlier today. Staff were informed this morning.
It comes a month after Paramount Global officially initiated long-planned layoffs that will see it cut its U.S.-based workforce by 15%.
The cuts began on August 13 and 90% are expected to be completed by the end of September. They are designed to save around $500M in annual run rate cost savings and come as the company is in the process of being bought by David Ellison’s Skydance Media.
Halley, who took over as President of advertising in September 2022 after long-time exec Jo Ann Ross stepped down, informed staff via email, seen by Deadline, earlier.
“As you know, a key part of the strategic plan outlined by our Co-CEOs is to reduce the size of our workforce in order to return Paramount to profitable growth,” he wrote. “Today is going to be a difficult day as this process will affect our org and we will be parting ways with talented and valued teammates and friends. I want to acknowledge how unsettling this may feel, as this is not the first time our org has shouldered impacts. None of this is easy and no decision was made lightly.
Halley encouraged his team to work from home today and to “exercise grace and kindness toward one another as we navigate these undoubtedly tough changes”.
Halley oversees the company’s domestic multiplatform sales across its broadcast, cable and streaming platforms including CBS, BET, Comedy Central, MTV, Nickelodeon, Paramount+ and Pluto TV. He was previously COO of Advertising Revenue for Paramount.
