Paramount will soon begin selling off pieces of the studio and cutting $500 million in overhead, which means staffing cuts.
Paramount’s three co-CEOs — Brian Robbins, who runs the movie studio, Chris McCarthy, who handles Showtime and MTV, and George Cheeks, who oversees CBS — brought some 500 employees to the lot Tuesday for what’s known as a Come to Jesus Meeting.
The good news: revenues have increased 13 percent over the last five years.
The bad news: operating income collapsed 61 percent.
The good news: the Paramount+ streaming service boosted subscribers from 67.5 million to 71 million during this last quarter.
The bad news: During that same quarter, Paramount+ lost $286 million.
“We’re looking at selling certain Paramount-owned assets,” Cheeks told the group. “In fact, we’ve already hired bankers to assist us in this process — and we’ll use the…
