In the wake of the COVID-19 pandemic, two Hollywood strikes, and the impact of streaming and the advent of AI, the media landscape has continued to shift and consolidate, as Warner Bros. Discovery CEO David Zaslav predicted at the 2024 Allen & Co. Sun Valley Retreat.
Paramount to lay off 15% of its US workforce
Zazlav knows what he’s talking about, having seen his own company face waves of merger-related layoffs over the past two years, most recently in May this year when the company closed its New Zealand TV and streaming service Newshub, cutting more than 300 jobs.
Paramount also targeted a 3% reduction in its global workforce earlier this year. If the Skydance deal closes, it could likely create even more synergies.
The Fourth Estate has been hit hard. According to estimates by Politico, more than 500 journalists have been laid off this year alone. Much of that began in January, when the Los Angeles Times cut more than 20% of its staff. Time followed suit shortly after, cutting 15% of its staff, according to CNN.
