boss news from this am
division head given money target and EVP SVP chose names which explains how some people are never impacted or worried
had autonomy and not much in way legal after so many layoffs
some restructuring that will show itself next couple weeks
Post merger - it's massive massive cost cutting - not SD folks taking over jobs - as of 2025 they only have 400 ish full time employees and many those are in animation
but at same time will focus on streaming and content - yes i said how do you do both ?
the production companies will be streamlined or not standalone he said
a more emphasis on return to office even as they try to off load lease sell office space in NY and Burbank CA
that's all and he told me to get out if i could
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SD is targeting 2 billion in cost cuts - used Bain as advisors - source variety etc articles
massive layoffs will come after the merger.
i don't know anyone personally here that doubts that
did we hit some of that already - i hope so
First off, SD makes almost no profit. They are a break-even business. For all of Paramount's s---, and there is plenty, our business in total generates profit and significant cash flow. SD has no idea how to run a streaming service and all that goes with that. They produce minimal content, and nothing really successful. Yes, we (Paramount) are still way too bloated at the VP+ level and there will be many layoffs at those levels post-merger. But you cannot decimate the whole staff unless all they literally want to do is literally take the library and do nothing else. You also have areas, like Consumer Products/Experiences, where they have no staff at all. This area generates $500MM in revenue for Paramount. I can't imagine SD is just going to throw that away.
yes - heard general numbers decided he didn't tell me rough lists but said everyone is on the table inc boss
asked if it's bigger than last year - are areas business closing and no answer
the other poster may know numbers or parts of the company
asked if return to office was a way to make people quit - he didn't think that was the main goal - he could see an office split not five days but some split that takes you on a few days week but that's us
fully expects a merger close - shari has no choice - would there be more layoffs before this? didn't answer
i also asked if same severance is expected under SD? no answer
this is his take - so if it's wrong - other people could be more in the know or in these meetings , please correct as i would love to know as well
@at in LA the plan is to bring people to the lot and Gower and in NYC, they have already been looking at other real estate. As part of the lease agreement, the building owner must support finding us a new location and financing it since they are breaking the lease.
@a9 The numbers were decided and rough lists, but that will have to be refreshed. The list was created in the winter.
If they are trying to sell off NY and LA office space how will they be able to do return to office with not enough room?
Are the post-SD cutback plans already decided? Did your boss imply that there is a tentative plan in place that higher ups know about?
didn't mean to imply no legal review - he absolutely sent his list into legal : HR
it was just something else he said
You are spot on for most. Every group was given a money target for past rounds and this rounds and they had to hit it. That being said they absolutely had to have a legal review and approved by legal. You are also right the cuts after the merger will be much larger than all the ones we have done in the last year combined.