Just hours after Paramount completed $110 billion merger with Warner Bros; CEOs sent memo to employees warning of layoffs
David Ellison, chairman and CEO, and co-CEO Ynon Kreiz sent a memo to employees at the combined company Tuesday, October 6 morning around 9:40 am ET (7:10 PM IST), according to a Variety report.
“Integrating two companies will bring change, including difficult decisions that affect our workforce,” the execs wrote in the memo adding “We are committed to handling this process thoughtfully and respectfully. Hours after Paramount Skydance and Warner Bros. Discovery officially merged into Skydance Corp., the company sent a memo to its employees warning them of the upcoming layoffs. The memo further states that as the new Skydance works toward its goals, “we must never lose sight of what matters most: our people. We will build a culture where people feel respected, empowered, supported and proud of the work they do.”
As per the report, the memo is titled ‘Day 1’. In the 1705-word memo, the execs said that together they will “build the next-generation media and entertainment company, powered by creativity and technology. Paramount merges with Warner Bros Paramount Skydance officially took over Warner Bros Discovery in a $110bn merger on October 6.
It was to unite the talent, resources and capabilities of these companies into a stronger competitor, one with the scale to take on the biggest players in our industry. ” “Together, we will give these iconic studios the opportunity to win for generations to come,” the duo added. The goal was never simply to add more production capacity, brands or IP. The takeover comes months after legal disputes and widespread criticism over feared cuts and consolidation could harm competition and consumers. The merger will bring a host of entities together. These include HBO, CBS, Nickelodeon, Showtime, Comedy Central, DC Studios and Food Network. You use AI every day. Now get your AI Quotient. Take the AIQ test.