LOS ANGELES, CALIFORNIA – The recent announcement of layoffs by Paramount Global, impacting CBS Broadcasting and other divisions of the media company, has sparked criticism from the International Brotherhood of Electrical Workers (IBEW).
CBS Broadcasting has reportedly laid off employees in New York, Washington, and Los Angeles as part of the ongoing cutbacks initiated by Paramount Global. The IBEW expressed disappointment over the inability of CBS to find ways to retain the highly skilled professionals affected by the layoffs.
The internal announcement made by Paramount Global regarding Phase 2 of the layoffs revealed that about 90% of the planned cutbacks will be completed after this new phase, affecting approximately 15% of the company’s U.S. workforce. The total number of employees leaving the company as a result of the layoffs is estimated to be around 2,000.
Paramount Co-CEOs, George Cheeks, Chris McCarthy, and Brian Robbins, claim that the layoffs are necessary to achieve $500 million in annual cost savings for the company. The pending merger between Paramount and Skydance Media, scheduled to close in the first half of 2025, is another factor contributing to the layoffs.
The IBEW emphasized the importance of closely monitoring the review of the Paramount-Skydance merger by the FCC and other regulatory agencies. Members affected by the cuts include editors, workers in media distribution, show production, and other related fields.
Despite acknowledging the financial pressures faced by legacy media companies like Paramount, the internal memo about the layoffs expressed gratitude to departing employees for their contributions. The IBEW is working with CBS to ensure that the terms of the IBEW-CBS contract are upheld during this period of transition.
While some regulatory experts and sources in Washington, D.C. do not foresee major obstacles in the Paramount-Skydance merger approval process, concerns over job losses have been raised. The fate of the merger will be closely watched as it progresses through the approval process by the FCC and other regulatory bodies.