Paramount Global is winding down its advertising sales staff after the unit was recently restructured by its new chief.
A person familiar with the matter says the job losses are less than 100 and come after John Halley, named president of Paramount Global’s advertising sales efforts in September, realigned much of his staff to focus on relationships. directly with major media buying agencies.
Paramount Global declined to make executives available for comment. Executives who have recently been elevated or given new leadership positions in ad sales should stay, these people said. Deadline previously reported on the company’s job cuts.
The move comes at a time of turmoil not just for the company formerly known as ViacomCBS, but for the entire entertainment industry, as it grapples with declining ad sales and a stock market restless, as well as a continued migration of consumers to streaming video. .
Other major entertainment companies have cut ad sales in recent months. Warner Bros. Discovery, which was looking to cut costs after merging former Discovery Communications and WarnerMedia, cut staff in its ad sales operations.
Paramount has made several significant changes in recent months, with the latest high-profile move being the ousting of David Nevins, president and CEO of Paramount Premium Group (which includes Showtime) and chief creative officer of the Paramount+ scripted series. On October 6, it was confirmed that Nevins would step down by the end of the year, just over a year after being named to the expanded role.
As part of the reshuffle, Showtime Networks now reports to Chris McCarthy and his Paramount Media Networks oversight. Showtime’s digital OTT operation is now under Paramount Streaming, under Tom Ryan, while BET and Paramount Television Studios will now report to George Cheeks, the CBS president and CEO who already oversaw news and sports at Paramount+ as Content Director.
A month later, Paramount transferred oversight of VH1 to BET Media Group, giving BET President/CEO Scott Mills and his team the reins of McCarthy, who now has his hands full with Showtime.
Paramount President and CEO Bob Bakish made the announcement Nov. 9 in a memo to staff. This change means VH1 is no longer a sister network to MTV, which it has been since the channel launched in 1985 (as “Video Hits One”).
The best of variety
Subscribe to the Variety newsletter. For the latest news, follow us on Facebook, Twitter and Instagram.
Click here to read the full article.