Paramount Australia hit with redundancies
Paramount Australia has been hit with a number of redundancies, with those impacted to be “notified by close of business today”.
It is unknown which elements of the local business will be impacted, nor the number of redundancies.
Pam Kaufman, president and CEO of international markets, global consumer products and experiences for Paramount, sent the following memo to staff this morning:
“As Bob shared earlier this week, in order to drive earnings growth in 2024, we have had to make some tough but necessary decisions to ensure we continue growing our revenue while streamlining operations and reducing costs.
“Unfortunately, this includes parting ways with some of our respected colleagues across the Australian business, who will be notified by close of business today.
“I would like to take a moment to thank all those who will be impacted. Your important contributions to our organisation have strengthened our business, and we are grateful for your dedication. These decisions are never easy. I know the changes will be felt across the region, and I encourage you to support one another as we navigate this next phase of our evolution.
“While this is a difficult moment, I want to emphasise that I believe in our global strategy, and I am confident that the Paramount Australia team will continue to drive the business forward to meet our goals across this critical and priority market.”
A Paramount spokesperson provided the following statement to Mumbrella: “Paramount is focused on driving earnings growth in 2024. As we continue to deliver our strategy in Australia – which is a critical and priority market for Paramount – we have had to make some tough but necessary decisions to ensure we continue to grow our revenue while streamlining operations and reducing costs.
“As Bob Bakish said in his memo, some employees will leave the business, and to those colleagues we would like to express our sincere thanks for their hard work, dedication and professionalism. We will be supporting all colleagues impacted during this period.”
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Nathan Jolly is the Deputy Editor of Mumbrella. He joined the team in July, 2023.
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Instead of going down the easy solution and making people redundant,
An analysis of why revenue is down would be a better way to improve the business. The amount of repeat advertising that is run on TEN and the secondary channels is disgraceful. How do you expect to attract advertisers when you don’t have an audience?
Lazy and poor programming decisions has contributed the fall in audience numbers and in turn revenue. This is where Paramount should be looking to fix their revenue problems not making people redundant. Mr Bakish fix it.
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Paramount’s redundancy message was definitely written by ChatGPT.
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Bold strategy.. profits go up when you have to pay less staff
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Shari Redstone cleaning up shop
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Australia does not need 3 FTA networks let alone one that’s been on its knees for 15 years . More redundancies will come as paramount is squeezed by streaming overseas. The woke left position of Ten has shed audience . No sympathy – law of the jungle .
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FEWER staff…
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Save $ by axing the Project. Based on ratings since the start of 2023 when the line ups changed for the worse, it regularly sits at a prime time number that is 250k metro 5 city which is hardly sustainable. A good proportion of that number is from Melbourne audience where the show is made.
If it wasn’t produced by Roving Productions reckon it might have gone some time ago. News told differently is a catch cry, that does not deliver on its claim.
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Shame Mumbrella,
That you are even publishing in the first paragraph …”with those impacted to be notified by close of business today” is horrible.
Could you not wait until after the fact?
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