Paramount Pictures Undergoes Layoffs in Restructuring
The cuts were said to impact the finance, legal, business affairs and TV teams.
Paramount Pictures is undergoing another round of restructuring, with 20 employees being laid off.
On Wednesday, chief operating officer Andrew Gumpert sent a memo to staff stating that the studio will be "making some changes across the organization, which will impact the Finance, Legal, Business & Legal Affairs and Television teams."
Those cuts, said to be about 1.5 percent of the total number of employees at the company, were described by as a part of a "transformation" that "impacts a very small number of our work force."
The memo describes the layoffs as a part of Viacom's overhaul since CEO Bob Bakish was installed in late 2016, with a turnaround plan built on focusing on brands like Nickelodeon, Comedy Central, MTV and Paramount.
The cuts arrive a day after Paramount TV announced several promotions — including Debra Bergman as executive vice president/head of physical production and Ken Basin to executive vice president of business affairs — along with the hiring of Robert West as vice president of production. In Sept. of last year, the TV division named Nicole Clemens as its new president, hiring her from Anonymous Content.
Gumpert's memo is below:
As you all are aware, a year ago Viacom kicked off a significant transformation effort to ensure we’re running our business as efficiently as we can — to both save more money, and ensure we can invest in new areas of growth. With that comes some exciting, but also necessary changes, including for our studio. In pursuit of this mandate, we have taken a thoughtful and comprehensive look at the organization on an overall, holistic level, and identified where we can make our processes more efficient and better utilize our workforce and resources to maximize success for the company as a whole.
With that perspective in mind, we will be seeing restructuring in our ranks that will streamline efficiency, foster talent across multiple divisions of the company, and augment synergy and cross-functionality amongst different teams.
This transformation is not painless and comes with some hard decisions that we feel are necessary to move our business forward. As a consequence, today we are making some changes across the organization, which will impact the Finance, Legal, Business & Legal Affairs and Television teams. While this transformation impacts a very small number of our work force, it was difficult nonetheless, and we extend our most sincere thanks to the affected team members for their contributions, and wish them the very best in their future endeavors.
As an organization, we continue on a trajectory of renewal and reinvigoration, and I am proud and optimistic to reflect on all we have achieved in the past year and the growth and continued transformation that I see in our future.
Thank you for being valued members of this company, and working together to ensure a bright future for us all.