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Paramount, Skydance Media
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EXCLUSIVE: In a move that blindsided many staffers, Paramount has fired its longtime media agency of record in a cost-saving move as its merger with Skydance Media continues to gestate. WPP Media, formerly known as GroupM before a recent rebrand,
The move follows a 15% reduction last year as part of a $500 million cost cutting plan. The company ended 2024 with 18,600 employees worldwide.
This is the second (or third, depending on how you count) round of layoffs for the company in the past year. Last August, Paramount announced plans to cut 15% of its workforce, which impacted approximately 2,000 workers. The following month, the second round of those cuts occurred.
Navid Mahmoodzadegan will succeed Ken Moelis as CEO of global independent investment bank Moelis & Co. The firm has been at the center of many high-profile entertainment and media transactions, including Skydance Media ’s pending $8 billion merger deal with Paramount Global.
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The pending $8 billion merger has been stuck in regulatory limbo as the media giant fends off a $20 billion lawsuit from President Trump.
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Over the past two decades, media giants have repeatedly turned to corporate breakups and restructurings as a strategic response to changing business models and mounting pressure from investors.
Shari Redstone, the media mogul who has been trying to sell Paramount in a politically fraught transaction, is undergoing treatment for cancer.
"These changes are necessary to address the environment we are operating in and best position Paramount for success," its co-CEOs say.
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