Paramount earmarks $3 billion in cuts

Paramount bosses have earmarked close to A$3 billion in cost savings following this week’s announcement that Skydance Media will acquire Paramount’s owner, National Amusements, and merge Skydance with Paramount Global to form New Paramount.

In a transaction presentation seen by Mumbrella, Paramount outlined “significant opportunities for value creation across the enterprise following a comprehensive review and reframing of the legacy business”, writing that “detailed, bottom-up initiatives have ability to produce $2bn+ [$2.96 billion] run-rate cost efficiencies”, with an “accelerated delivery of savings” that will see half of these savings delivered within the first year. This means A$1.5 billion in cost cuts within 12 months.