Skydance, the parent company of Paramount, has introduced a voluntary buyout program as the company looks to save $6 billion (A$8.5 billion) in annualised costs from the merger of Paramount and Warner Bros Discovery.
B&T understands the program includes the Paramount ANZ market.
The company is also asking staff to return to full office hours, five days per week. B&T understands that much of the ANZ team already works 4-5 days per week.
Skydance shared details of the moves in an internal email to staff by Skydance chairman and CEO David Ellison and co-CEO Ynon Kreiz in the week of Paramount ANZ’s Upfront event.
“We believe personal collaboration is vital to our culture and the success of our business. Especially in creative companies like ours, the best ideas come from people in the same room, sharing perspectives, challenging one another and solving problems,” they wrote.
“Being together isn’t just about showing up. It’s about inspiring one another, learning and coaching, forming friendships and having the casual conversations that spark something great.”
On the voluntary buyout program, they wrote: “Please know we don’t take any of this lightly. We are clear about what we’re building: a company that tells stories people around the world love, embraces new ways to connect with audiences, and leads the next era of media and entertainment. We have the talent, the creative firepower and the ambition to do it, and we will get together.”
Skydance’s $110 billion acquisition of Warner Bros Discovery has saddled the entertainment conglomerate with $80 million in debt.
It has unveiled plans to find cost savings of $6 billion. Meanwhile Elon Musk has invested $1 billion into the business.
Since the acquisition was rubber stamped, details about a leadership reshuffle have emerged with senior advertising executives in the US being named or let go.
Jay Askinasi will lead ad sales for Skydance, David Decker will head up content sales, and Ray Hopkins will oversee distribution.
Ryan Gould and Robert “Bobby” Voltaggio — who have served as presidents of US advertising sales at Warner Bros. Discovery — will be leaving the company. Scott Miller, who has served as
WBD’s president of networks and streaming distribution, will also exit.
In Australia, Paramount is led by president of Network 10 and head of streaming at Paramount ANZ, Beverley McGarvey while VP of sales Grant Madigan heads up the sales team.
