Paramount Cuts Strike Movie Executives in Production and Marketing
Paramount Pictures is undergoing significant changes, with the company announced that job cuts will affect multiple divisions within its motion picture sector. Approximately 1,000 employees will be laid off as part of a broader effort to achieve $2 billion in savings.
Executive Departures at Paramount
The restructuring has led to the exit of several key executives. Among those leaving is Randy Spendlove, President of Worldwide Music, who has been with the studio since 2006. He is recognized for his Grammy-winning work on the soundtrack for “Chicago.” Spendlove previously held key positions at A&M Records and Miramax Films.
- Randy Spendlove: President of Worldwide Music; joined Paramount in 2006.
- Bryan Oh: SVP of Production; recently involved in a K-pop music drama.
- Geoff Stier: EVP of Production; previously oversaw projects like “World War Z.”
- Andres Alvarez: EVP of Home Entertainment.
- Rachel Cadden: EVP of International Theatrical Marketing.
- Christine Benitez: SVP Multicultural Marketing.
- Phil Cohen: SVP of Literary Affairs; joined in 2022.
Management Response to Layoffs
In an internal message, Paramount Co-Chairs Dana Golberg and Josh Greenstein expressed their regret over the layoffs. They acknowledged the dedication and contributions of departing colleagues and emphasized the need for a strategic ‘right-sizing’ of the organization. This plan aims to align the company’s workforce with future opportunities in the entertainment sector.
Impact on Workforce
This round of cuts represents just a portion of a larger restructuring effort. An estimated additional 1,000 employees are expected to be let go, impacting the 20,000-strong workforce combining Paramount and Skydance. Further adjustments will also affect international offices.
Future Outlook at Paramount
The company states that these changes are crucial for maintaining its status as a leading destination for creativity and innovation in entertainment. Staff members are encouraged to reach out to their managers and HR for support during this transition. The leadership team has committed to sharing additional details regarding the company’s strategy and structure in the upcoming weeks.
