Breitbart Reports: Paramount Global — the parent company off CBS, Paramount Pictures, Showtime, and numerous other media properties — is reportedly set to lay off “hundreds” of employees across nearly all of its divisions.
Hollywood is feeling the squeeze on multiple fronts. Households continue to cut the cord by the millions while the advertising market is still in the doldrums due to poor consumer sentiment tied to President Joe Biden’s economic policies.
Meanwhile, consumers are cutting back on discretionary expenses, like entertainment, as the cost of food, energy, insurance, and other essentials continues to skyrocket.
Paramount’s layoffs will be in the hundreds, affecting virtually every division, with senior executives given reduction targets to hit, according to a Deadline report. The layoffs will start February 1, with those affected being told to leave as quickly as within three days.
