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Paramount Skydance Lifts Savings Target to $3 Billion as Filings Show 600 Took RTO Buyouts

Regulatory filings show the five-day office rule triggered about 600 voluntary exits costing roughly $185 million.

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attends the premiere of the Seventh Season of HBO's "Entourage" at Studio Theater on the Paramount Studios lot on July 9, 2009 in Los Angeles, California.
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‘Come Back Five Days a Week or Quit’: 600 Employees Walk Out After Paramount’s New CEO Drops a Shocking Rule

Overview

  • Company disclosures say roughly 600 VP-and-below staffers in New York and Los Angeles accepted voluntary severance tied to a five-day office mandate, totaling about $185 million.
  • A shareholder letter outlined about 1,600 additional job cuts plus plans to divest Telefe in Argentina and Chilevisión in Chile.
  • Management raised its post-merger cost-savings goal to at least $3 billion and projected restructuring charges of up to $1.3 billion through 2027.
  • Third-quarter revenue came in at $6.7 billion, while Paramount+ added 1.4 million subscribers to reach 79.1 million.
  • Paramount+ prices in the U.S. are slated to rise early next year as the company pushes for stronger streaming monetization.