In periods of crisis, companies often capture the public’s attention with headlines detailing executive changes, stock fluctuations, or acquisition speculations. However, the impact on the company’s workforce during these tumultuous times is less visible.
Lila MacLellan, a journalist at Fortune, authored an article on Paramount’s challenging year, which saw the dismissal of its CEO, a major sale, and layoffs affecting approximately 2,000 workers—exceeding the combined layoffs of Netflix, Disney, and Warner Bros. The staff at Paramount were deeply unsettled by these developments, with a former employee describing the experience as “honestly traumatizing, honestly inhumane.”
Paramount, a longstanding figure in Hollywood, encountered a difficult 2024 due to family ownership disputes, management errors, and disruptions in the entertainment industry. CEO Bob Bakish, who had maintained a close relationship with Paramount’s owner Shari Redstone, was unexpectedly dismissed in the spring. This led to the appointment of three CEOs, each overseeing different company sectors, and the initiation of extensive layoffs, causing discontent among employees.
A former employee remarked on the irony of having three CEOs managing redundancies, stating, “The jokes write themselves, right?”
There is no flawless method for conducting layoffs, but Paramount’s experience highlights the demoralizing effect of leaving employees in anticipation of job cuts. During the summer, this uncertainty became reality when staff were informed of impending layoffs, resulting in a prolonged period of anxiety.
Another former employee recounted the stress within their division, stating, “It was just kind of six weeks of nonstop stress.”
For further insights into Paramount’s challenges and its impact on employees, more details can be found in the original article by Lila MacLellan.
This report was put together by Azure Gilman and curated by Brit Morse. The original story is available on Fortune.com.
