Paramount Global’s Ad Group Lays Off Staff as Part of Companywide Cost-Cutting Move
variety.comTodd Spangler NY Digital Editor Paramount Global‘s advertising group conducted a round of layoffs Tuesday, which are part of the media conglomerate’s efforts to slash $500 million in annual costs, Variety has confirmed.
Paramount Advertising is the centralized team that manages domestic multiplatform ad sales across CBS, BET, Comedy Central, MTV, Nickelodeon, Paramount+, Pluto TV and other properties.
The number of employees affected by the cuts at Paramount Advertising couldn’t be learned. Paramount last month announced that it will lay off 15% of its U.S.
workforce, eliminating 2,000 jobs, ahead of its merger with Skydance Media. The layoffs were announced in a memo to staff by Paramount Advertising president John Halley. “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,” Halley said in the memo. “I want to acknowledge how unsettling this may feel, as this is not the first time our org has shouldered impacts.
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