www.fastcompany.com: The entertainment giant began cutting around 1,000 workers on Wednesday, with twice that many pink slips expected in the days to come. In a memo to staff, new Paramount CEO David Ellison characterized the reductions, which will ultimately shrink the company by 10%, as a necessary step for the company’s long-term growth.
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This is actually pretty shocking to me. I didn't realize the buyout happening within the film industry and how it could be affected due to the state of the world. The idea of a buyout typically isn't good, but I just wonder what is going to happen at Paramount and what films they are going to provide/produce under new management. The idea of Skydance buying warner bros is kinda crazy because I have always thought Warner Bros to always be a major studio. It is also a little unsettling because if that buyout does happen, then Skydance controls a lot of the film studios. The layoffs happening are really unfortunate and are another sign that this country is going to be struggling very soon. I say this because if this many layoffs are happening due to buyouts or technological purposes, then it is going to continue happening till we are not in an economic state as bad as we are in now. This also sucks because if the tech is taking over jobs, these employees could have been working there for years and be jobless because of AI. Though this is a fear I have for the entertainment industry, I think it is less likely be we need creativity and heart.
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