Paramount Streaming, Showtime and cross-company publicity executive vice president Erin Calhoun is exiting the media giant at the end of the month after seven years with the company.
During her tenure, Calhoun oversaw communications teams across Paramount+, Pluto TV and Showtime, as well as campaigns for originals like “Fellow Travelers,” “The Curse,” “Frasier,” “Knuckles” and “Special Ops: Lioness.” She also helped elevate Showtime series such as “Shameless,” “Billions,” “Yellowjackets “and “Dexter: New Blood.”
Additionally, Calhoun led media relations for product and brand priorities, such as Pluto TV’s 10th anniversary — executing more than 250 industry events and spearheading nearly 100 awards nominations each year — and managed corporate communications efforts for this year’s Super Bowl.
“It has been a privilege to be a part of this organization and I am filled with gratitude for the experiences and opportunities I have been fortunate to have, but most of all the friendships I have made along the way,” Calhoun said in a Thursday memo to staff. “I am very proud of this team and all we have accomplished. Together, we overcame several challenges and changes — always supporting each other as we focused on delivering amazing campaigns and record-breaking results, including launching numerous award-winning shows, producing hundreds of premiere events and awards campaigns and expertly navigating countless corporate communications initiatives.”
“I’m incredibly grateful for her countless contributions to Paramount, but most of all her steadfast collaboration and expert counsel,” Paramount Streaming CEO Tom Ryan added in a separate note. “Erin has been a trusted confidant and strategic partner, and I know she’ll have great success in all her future endeavors.”
Calhoun’s decision to leave the company comes amid the process of cutting 15% of its U.S. workforce as part of an effort to generate annual run rate cost savings of $500 million.
The layoffs, which are part of co-CEO Chris McCarthy, George Cheeks and Brian Robbins’ long-term strategic plan, began last month and are expected to be about 90% complete by the end of September and impact between 2,000-3,000 total jobs.
As part of the cuts, which are focused on “redundant functions and streamlining corporate teams,” the company previously shuttered Paramount Television Studios, impacting about 20-30 jobs. It also laid off an undisclosed number of employees in Paramount’s advertising division. Additional impacted areas include marketing, finance, legal, technology and other support functions.
The move comes as David Ellison’s Skydance Media is set to merge with the studio in the first half of 2025 after acquiring controlling shareholder Shari Redstone’s National Amusements.
Following the $8 billion deal’s close, Oracle co-founder and David’s father Larry Ellison will own 77.5% of National Amusements through a trust and series of corporations. The remainder of NAI will be owned by RedBird Capital Partners founder Gerry Cardinale’s RB Tentpole LP, which will control 22.5% if the deal goes through. David would then serve as Paramount’s chairman and CEO.
In connection with the above $500 million, Paramount expects to incur a restructuring charge of $300-$400 million in the third quarter, with a cash impact that will occur over the next several quarters.
In addition to the cuts, Paramount has hired bankers to help the company with possible asset sales. TheWrap exclusively reported that Paramount sold the ComicBook and PopCulture websites to Nashville-based Savage Ventures for an undisclosed amount. Four individuals familiar with the co-CEOs’ plans previously told TheWrap that other possible assets that could be put up for sale include Pluto TV, BET, VH1 and the Paramount lot, which would be leased back for the studio’s use. The company is also in “active discussions” about potential strategic partnerships or joint ventures with other streamers.
