Paramount+’s communication team has been hit by Paramount Global’s latest round of layoffs as part of its 15% reduction of its U.S. workforce. Senior vice presidents Morgan Seal and Amanda Cary are among those impacted, TheWrap has learned.
During Seal’s 13-year tenure, she helped lead publicity for the streamer’s Taylor Sheridan and Star Trek universe shows. She joined CBS Interactive’s comms team in 2011 before transitioning to the Paramount+ team in 2019.
Cary joined Showtime in 2013 and was promoted to SVP in 2022. There, she worked on publicity for series such as “Dexter” and “Yellowjackets,” before moving to Paramount+ last year. Prior to working with Showtime, she spent five years at USA Network, helping to launch series that included blue-sky classics “Suits” and “Covert Affairs.”
The latest cuts come after Paramount Streaming, Showtime and cross-company publicity executive vice president Erin Calhoun, whom both Seal and Cary reported to, revealed she would be exiting the company at the end of the month.
In addition to Seal and Cary, seven members of the streamer’s content strategy team — including senior director of Paramount+ scripted originals content strategy Tina Koyanagi-Rosener — were also let go in Tuesday’s layoffs. The team served as liaisons between Paramount+, the studios and production on series such as “SEAL Team,” “Criminal Minds: Evolution,” the “Star Trek” universe of shows and Taylor Sheridan’s programs.
A representative for Paramount declined to comment.
The layoffs, which are designed to help generate annual cost savings of $500 million, are expected to impact between 2,000 and 3,000 employees.
“Like the entire Media industry, we are working to accelerate streaming profitability while at the same time adjusting to the evolving landscape in our traditional businesses. In order to set Paramount up for continued success, we are taking these actions, and after today, 90% of these reductions will be complete,” co-CEOs Brian Robbins, George Cheeks and Chris McCarthy said in a memo to staff on Tuesday. “Days like today are never easy. It is difficult to say goodbye to valued colleagues, and to those departing, we are incredibly grateful for your countless contributions.”
Last week, an unspecified number of jobs were cut in Paramount’s advertising division. In addition, Paramount Television Studios was shuttered, impacting about 20-30 jobs. Additional affected areas include marketing and communications, finance, legal, technology and other support functions.
In addition to Paramount+’s communications and content strategy teams, CBS Broadcasting employees in New York, Washington and Los Angeles were also impacted by Tuesday’s layoffs, including show production, editors and media ingest and distribution, according to the International Brotherhood of Electrical Workers.
“We’re disappointed that CBS was unable to find a way to retain these highly skilled professionals in their operation. IBEW members have been producing CBS broadcasts since before the invention of television, and these layoffs are a hard pill to swallow,” IBEW Director of Broadcasting and Telecommunications Robert Prunn said in a statement. “In the days ahead, we’ll be working with our members and CBS to ensure that the terms of the IBEW-CBS contract are followed closely and that our members receive all of the notice and benefits due to them during this period of transition.”
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 a 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 Ellison would then serve as Paramount’s chairman and CEO.
In connection with the above $500 million of annual savings, 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 and joint ventures with other streamers.
Paramount shares, which closed at $10.55 each at the end of Tuesday’s trading session, have fallen 16% in the past year and 26% year-to-date.
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