OTTVerse News: Paramount, Fox, Sky Sports+

This week I read an article that reflected on the layoffs that took place throughout 2024 caused by the media industry going through unprecedented events like the COVID-19 pandemic, the SAG-AFTRA strike, the WGA strike, streaming services, and the influence that artificial intelligence currently has on entertainment.  The employees at Warner Bros. Discovery have been hit the hardest with multiple rounds of layoffs following the merger of Warner Bros. and Discovery Inc. This was most effected when David Zaslav, the Warner Bros. Discovery CEO, closed Newshub in New Zealand. Newshub was a TV and streaming service and the closing of this department led to more than 300 jobs being terminated. Paramount Global also reduced its employee count by 3% this year. Later in the year, Paramount Global laid off another 15% of its entire United States employees due to the financial hardships the company faces due to the changing industry. These layoffs primarily took place within the Paramount Television Studio division. These layoffs resulted from the company attempting to cut costs and prepare for the pending Skydance Media deal to run its course. This article lists the companies that laid off a significant number of employees such as the Los Angeles Times, Time Magazine, CNN, and Sports Illustrated.  Yes, while these layoffs are tragic and unfortunate for the individuals who were affected, this is a sign of the entertainment industry going through a transition phase. Artificial Intelligence has been a driving force in these layoffs as more executives realize how much money they can save if they have AI-complete a task rather than a team of 10 employees. However, every day there seems to be a new headline in the news about regulations for AI in the entertainment industry. I think change is inevitable in every industry, and the consolidation that is taking place in the entertainment industry has a major impact. Over time, new jobs will open for the next generation of aspiring entertainment professionals and lead to a stabilization of the entertainment ecosystem. I am interested to see what type of jobs will be open in the future for recent college graduates looking to enter the business. Esquire Group Inc.

William (Bill) Mobley: Hollywood Reporter—Brutal. Paramount is implementing another round of major company-wide layoffs on Tuesday. In a memo to staff, co-CEOs George Cheeks, Brian Robbins and Chris McCarthy said that the company will undergo “phase two” of its workforce reductions today, but that by the end of the day “90 percent of these reductions will be complete.” Last month, the executives announced a sweeping plan to cut 15 percent of the company’s U.S. workforce in pursuit of $500m in cost-savings. The first round of layoffs took place shortly after that announcement, with the co-CEOs telling staff that the cuts would happen in three phases. While it is not immediately clear where Tuesday’s cuts will hit hardest, the co-CEOs wrote that “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.” CBS News is among the divisions impacted, however, with the IBEW union saying in a statement that ““IBEW members have been producing CBS broadcasts since before the invention of television, and these layoffs are a hard pill to swallow.” FreeCast: "Completely Unnecessary. Its the ego cancer at the top, not willing to merge with real aggregate Big Tech because they sense a loss of Control. The operations teams are ones who make the magic happen on screen and have for almost 100 years! iTunes nor Spotify Today had this problem with the music industry. Its a damn shame. But Consumers will be enabled very soon, just days away." https://lnkd.in/eUp92Krx #NextGenStreaming #FreeCast #NoMoreAppDiving

When I speak to people in and out of the media business, they all ask one question: “How did we get here?” https://lnkd.in/ei3p2TNi As we see layoffs at WBD, incoming at Paramount and then so many others, people want to know why did this happen? These are crown jewel companies with valuable IP! What I saw inside one of them was two countervailing forces: 1. The need to for stockholder satisfaction at the expense of customer satisfaction 2. The innovator’s dilemma writ large What does that mean? 1. Once streaming entered the arena, Wall Street valued Netflix at tech company multiples and encouraged legacy media to throw everything at getting into streaming and growing fast. Mergers, consolidation and more prevailed in the race to get bigger. Everyone had the data - only a few of these streamers would survive, because customers didn’t want dozens of services. They wanted 3-4. But in a rush to satisfy Wall Street, everyone got in. And when Wall Street changed their minds in 2022, the companies were left holding the bag. 2. When I started in media in 2007, we all knew streaming and digital was the future. We spent 75-80% of our time working on it. But the money that the cable bundle provided was hard to walk away from. Especially when trying to sell/merge a company. Legacy media could have and many wanted to get into streaming sooner. But it took money and time and a sharing of information company wide that could have been scary. So the end result? Everyone gets into streaming too late, trying to satisfy Wall Street, invests in content over building technology, loses focus on the consumer, loses focus on the brand and hopes for profitability. Whats the solution? Refocus. These are strong brands. Gen Z is the future. And they’ve got some attachment to the IP. But you’ve got to build a brand that works in streaming, linear, YouTube, TikTok, consumer products, theme parks and beyond. Multiple revenue streams, deeper engagement and focus on steady growth and nurturing fandom. Sound familiar? It should. It’s what Disney is doing. Universal has done it. It’s what we were trying to do before I left Warner Bros Discovery. Look at Gen Z. See how they interact with brands, how can you deepen their fandom and how can you monetize multiple touch points. Ignore Wall Street. Focus on growing vs cutting. If you look closely, you’ll see many brands doing this successfully in and outside of legacy media. Want me and talented colleagues to help? DM me. Needmore Stories is open for business and I’m #opentowork for the longer term.

Witnessing ongoing layoffs in the television industry is truly disheartening. It appears that more layoffs are expected at several networks in the coming months. The industry needs to stabilize by assessing their actual staffing needs and valuing the experienced workers who have dedicated the best years of their lives to these companies. It’s vital to avoid further layoffs of seasoned professionals, as their expertise is invaluable. Many talented individuals are now facing uncertainty as their retirement plans are jeopardized. Fortunately, larger non-network station groups are stepping up, offering opportunities in medium to smaller markets to some of the best professionals from major markets. For those navigating job losses, remember to approach this challenge with the same determination and confidence you had when you started your career. Network, update your resume, and leverage your experience to find new opportunities. Stay fearless and confident, remember you are an expert in your field! #YouGotThis #NetworkLayoffs #NothingCanStopYou The Wann Agency Suggestions for Job Seekers in TV: 1. Network Actively: Connect with former colleagues, industry groups, and attend virtual events to expand your professional network. 2. Update Your Resume and Portfolio: Ensure your resume highlights your experience and achievements. Create an online portfolio showcasing your best work. 3. Leverage Social Media: Use platforms like LinkedIn to share your expertise, connect with industry leaders, and search for job openings. 4. Consider Different Markets: Be open to opportunities in smaller markets or different segments of the industry that can benefit from your skills. 5. Continuous Learning: Stay updated with industry trends and consider online courses or certifications to enhance your skills. 6. Seek Professional Help: Consider career counseling or coaching to refine your job search strategy and interview skills.

A momentous couple of weeks for Paramount Global are underway. Its second-quarter earnings are due out today, the “go-shop” period in the $8 billion Skydance deal closes August 21, and a new round of layoffs is expected next week. Marketing and Paramount+ are two areas that are expected be hit hard. Paramount will release its earnings after the market closes, with Wall Street analysts forecasting a 5% year-to-year revenue dip due to challenges in linear TV and at the film studio. In addition to the Skydance deal, the eyes of the financial community will be focused on Paramount’s cost-cutting plans. The company’s co-CEOs, who have promised to deliver $500 million in annual cost savings, said in June that more details about the streamlining would be revealed on the Q2 earnings call. Chatter has been intensifying over the last few days that the next round of layoffs is coming next week, with hundreds of jobs expected to be eliminated. According to multiple sources, Tuesday, August 13 is the target date.

To My Entertainment Industry Colleagues: The recent closure of Paramount Television Studios and ongoing industry layoffs have hit our community hard. As someone who's been in the trenches with you, I want to share a message of support and hope. You should be proud of the legacy you've created. To everyone navigating these uncertain times: - It's okay not to be okay right now. Our industry is facing unprecedented challenges. - Your worth isn't defined by your job status or a single studio's fate. - The skills you've honed are incredibly valuable—not just in entertainment, but across industries: • Creativity • Problem-solving • Adaptability • Project management • Collaborative teamwork - This might be the push you need to explore new horizons where your talents can shine. Remember: The resilience you've developed in this dynamic industry is a superpower. Whether you've produced award-winning content, broken streaming records, or worked tirelessly behind the scenes, your experience is gold. Next steps: - Take time to process and heal - Reflect on your transferable skills - Network outside your comfort zone - Consider industries that value storytelling and creativity (Tech, Marketing, Education, Real Estate) I'm offering my support to anyone who needs: - A listening ear - Brainstorming sessions for your next move - Networking introductions Let's leverage the strength of our community. Comment below if you're open to connections or have opportunities to share. Together, we can turn this challenging time into a launchpad for new beginnings. "Often when you think you're at the end of something, you're at the beginning of something else." - Fred Rogers #EntertainmentIndustry #CareerTransition #MediaJobs #NetworkingSupport #CreativeResilience Are we connected? If not, feel free to send me a connection request. Let's navigate this together.

It looks like Paramount is going through some serious "revisions" – not in their scripts, but in their workforce and financials. In the latest episode of “Corporate Restructuring,” Paramount is laying off employees and taking a $1.7 billion write-down on its TV operations. Who knew that the real drama would be happening behind the camera? While the execs are busy with their red pens, trimming the budget and axing shows, you can’t help but wonder: Are they cutting costs to save the shows or just to keep up with the latest streaming wars? With so many layoffs, it makes you question – where are all the creative minds and talent going? Perhaps to a place where they can actually find the people (and the budgets) to support their visions? 💼📉 In a world where digital advertising is king, and everyone is vying for eyeballs, it seems like Paramount’s looking for a new script – one that doesn’t involve sinking so much cash into traditional TV. #Paramount #Layoffs #TVIndustry #DigitalAdvertising #StreamingWars #CorporateDrama #WorkforceCuts

Hollywood Reporter—Brutal. Paramount is implementing another round of major company-wide layoffs on Tuesday. In a memo to staff, co-CEOs George Cheeks, Brian Robbins and Chris McCarthy said that the company will undergo “phase two” of its workforce reductions today, but that by the end of the day “90 percent of these reductions will be complete.” Last month, the executives announced a sweeping plan to cut 15 percent of the company’s U.S. workforce in pursuit of $500m in cost-savings. The first round of layoffs took place shortly after that announcement, with the co-CEOs telling staff that the cuts would happen in three phases. While it is not immediately clear where Tuesday’s cuts will hit hardest, the co-CEOs wrote that “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.” CBS News is among the divisions impacted, however, with the IBEW union saying in a statement that ““IBEW members have been producing CBS broadcasts since before the invention of television, and these layoffs are a hard pill to swallow.” FreeCast: "Completely Unnecessary. Its the ego cancer at the top, not willing to merge with real aggregate Big Tech because they sense a loss of Control. The operations teams are ones who make the magic happen on screen and have for almost 100 years! iTunes nor Spotify Today had this problem with the music industry. Its a damn shame. But Consumers will be enabled very soon, just days away." #NextGenStreaming #FreeCast #NoMoreAppDiving https://lnkd.in/eifVNg-Y

Esquire Group Inc. Happy Sunday! This week, for my ART class, I read about the recent layoffs within the media and entertainment industry. It has been a tough year, with major companies like Paramount, Disney, and Warner Bros. Discovery announcing significant layoffs. As streaming becomes the dominant force, companies are adjusting to the reality of rising costs and decreased returns. This shift is leading to tough decisions—like the 2,000 layoffs at Paramount and hundreds of job cuts at Disney—as companies focus on cutting costs to maintain profitability. The root of these layoffs lies in the industry's changing dynamics. Traditional TV and cable are seeing declining revenues, while streaming platforms are struggling to break even despite heavy investments. It is interesting to see how streaming, as well as artificial intelligence, will impact jobs within the entertainment and media industry. While some creative roles may be replaced by AI, there’s also the potential for new kinds of jobs centered around AI. How the industry navigates this balance will be crucial in determining the future of work in media and entertainment. https://lnkd.in/eHYWYTE6