Paramount Leadership Team Announces Set of Job Cuts For Company

( – The leadership at Paramount Global presented a plan at the company’s annual shareholder meeting as a backup plan if the sale of the company doesn’t happen.

The company’s Office of the CEO includes Paramount Pictures CEO Brian Robbins, CBS CEO George Cheeks, and Paramount Media Networks CEO Chris McCarthy. They collectively laid out strategic properties like venturing out to other opportunities and other media companies.

The presentation comes after Paramount agreed to merger terms with Skydance Media, as well as RedBird Capital and KKR. The deal is still awaiting approval from a controlling shareholder, and this announcement of a new plan comes while waiting for that response.

The plan that was presented will ultimately be the course of action if the shareholder decides not to sell the company. The strategies that are put in place have been geared toward alleviating some of Paramount’s debt. Paramount had over fourteen million dollars in debt as of the end of March and shares of the company fell by two percent.

The executives pressed on saying that their plans would emphasize growing their franchises and content while eliminating spending and debt. Said Brian Robbins, “We’ll be thoughtful with how we deploy capital, with our world-class content being the priority.”

They have also said they are looking into partnering with other streamers and have been looking at other options on how they can cut spending and increase profits, alleviating debt ithe company is not sold.

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