Paramount is laying off 15 percent of its US workforce, according to reporting by Deadline. This follows a lean second quarter earnings report in which total revenue fell short from an expected $7.21 billion to $6.81 billion. The layoffs will impact around 3,000 people. “The industry continues to evolve, and Paramount is at an inflection point where changes must be made to strengthen our business,” company CEOs wrote in a staff memo. Paramount representatives say these cuts will happen in three stages, with layoffs beginning today and 90 percent of all cuts being completed by the end of September. The layoffs will primarily impact employees involved in marketing and communications, though the company’s legal and finance arms will also face cuts. Paramount already laid off three percent of its workforce back in February, and this was after a three percent increase in revenue growth that was largely credited to its streaming and film businesses. So, a three percent increase of revenue translated to a three percent reduction of Paramount’s workforce and missing revenue expectations by around four percent is leading to layoffs accounting for 15 percent of company employees. Workers can’t catch a break. All of these layoffs are likely being used to clear the runway, so to speak, for the forthcoming merger with Skydance. The merger was announced back in June and will soon head to the regulatory review process. Paramount has also been raising prices for its streaming service... Continue reading at 'Engadget'
[ Engadget | 2024-08-13 15:31:20 UTC ]
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Company also announced the sale of its Simon & Schuster publishing business to KKR & Co. for $1.62 billion. Continue reading at Advertising Age
[ Advertising Age | 2023-08-07 22:19:36 UTC ]
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The deal with KKR, a private equity firm, is said to be valued at roughly $1.62 billion, and could be announced as soon as Monday. Continue reading at The New York Times
[ The New York Times | 2023-08-07 03:00:57 UTC ]
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There's something for every reader in August's new mystery, thriller, and crime releases, from a true crime memoir to historical mysteries including Harlem After Midnight by Louise Hare. Continue reading at Book Riot
[ Book Riot | 2023-07-31 10:33:00 UTC ]
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The annual report from Spain's publishers describes a 10th consecutive year of growth for the country's book market, at €2.7 billion. The post Spain’s Book Market in 2022: Up 5.5 Percent appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2023-07-27 20:58:08 UTC ]
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Paramount is crossing the upfront finish line. The company is now virtually done with negotiations, becoming the second major publisher after NBCUniversal to wrap the upfront. Regarding results, Paramount is closing talks up low-to-mid single digits in dollar commitments. According to a source... Continue reading at AdWeek
[ AdWeek | 2023-07-27 14:44:14 UTC ]
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IPG CEO Joe Matthews told PW the company remains committed to its 50-year-old publishing programs but that "the current market" required adjustments. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-07-18 04:00:00 UTC ]
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The German book market faces a perplexing set of circumstances, resulting in an overall performance down -1.9 percent in 2022. The post Germany’s 2022 Market Report: Turnover Down 1.9 Percent appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2023-07-05 13:17:22 UTC ]
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Small presses have been publishing excellent work by writers who you may not know (yet). From compelling short stories to heart-wrenching novels, these books will take you on a journey across states and countries, into the past or to the future, as well as deep into the minds of richly-drawn... Continue reading at Electric Literature
[ Electric Literature | 2023-06-30 11:00:00 UTC ]
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The AAP StatShot figures for March 2023 arrive with trade revenues up 0.2 percent for the month of March, 1.1 percent year-to-date. The post March StatShot: US Book Industry Up 3.2 Percent Year-to-Date appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2023-06-09 16:06:34 UTC ]
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Abrams Books has made an unspecified number of job cuts this week, with some speculating that cuts were in the double digits. The company declined to comment on the size of the workforce reduction. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-06-07 04:00:00 UTC ]
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Amazon is having a big sale on its Fire Kids tablets just in time for summer break. The Fire 7 tablet 16GB boasts one of the best discounts (along with normally being the cheapest option), with a 45 percent off sale bringing it to $60 from $110. However, for only $5 more, the 32GB model is on... Continue reading at Engadget
[ Engadget | 2023-06-06 10:35:03 UTC ]
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Twitter's advertising revenue is down 59 percent during a five week stretch between April 1st and early May compared to the same period last year, The New York Times has reported. It regularly falls short of sales projections, and things aren't likely to change soon (apparently despite the... Continue reading at Engadget
[ Engadget | 2023-06-06 09:25:43 UTC ]
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Spotify isn't done with layoffs this year. The company is cutting 200 jobs in its podcast division, or about 2 percent of its workforce, as part of a "strategic realignment." Spotify is moving to a more "tailored approach" that optimizes resources for each podcast creator and their shows, and... Continue reading at Engadget
[ Engadget | 2023-06-05 13:47:49 UTC ]
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The best science fiction and fantasy book deals of the day, curated by Book Riot. Continue reading at Book Riot
[ Book Riot | 2023-05-15 14:15:32 UTC ]
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Taylor Swift and her fans send a Little Golden Books biography to the top of the list, Rick Riordan's latest is a star, Abraham Verghese gets the Oprah bump, and more. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-05-12 04:00:00 UTC ]
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Callaway buys a book collecting photos from the Bob Dylan Archive, David Wroblewski sells Blackstone a follow-up to The Story of Edgar Sawtelle, and more. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-05-12 04:00:00 UTC ]
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Our favorite books coming out this week include new titles from Celia Bell, Kristen R. Ghodsee, and Nicole Cuffy. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-05-12 04:00:00 UTC ]
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Sure, ereaders aren't exactly the kind of devices you replace every year, but if you're looking to get a new one right now, Amazon is selling a few Kindle models at a discount. The Kindle Paperwhite Signature with no lockscreen ads in black or denim will set you back $145, or $45 less than its... Continue reading at Engadget
[ Engadget | 2023-05-08 09:49:13 UTC ]
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In the week ending April 22, Circana saw adult nonfiction posting the largest gains in the United States print market. The post Post-Easter US Print Sales Up 5 Percent in Late April appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2023-05-02 13:43:54 UTC ]
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IDW Media has announced "cost-cutting measures" that comprise laying off 39% of staff, including IDW publisher Nachie Marsham, delisting from the New York Stock Exchange, and installing Davidi Jonas as the new CEO. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-04-28 04:00:00 UTC ]
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