Paramount Pictures Announces Approximately 1,000 Job Cuts Amid Restructuring

Paramount Pictures is undergoing a significant restructuring that will result in approximately 1,000 job cuts across its motion picture divisions, including production, literary, marketing, and music, as the company aims to achieve $2 billion in savings.

Among the high-profile departures is Randy Spendlove, President of Worldwide Music, who has been with the studio since 2006 and previously won a Grammy for his work on the soundtrack for Chicago. Other departing executives include Bryan Oh, SVP of Production; Geoff Stier, EVP of Production; Andres Alvarez, EVP of Home Entertainment; Rachel Cadden, EVP of International Theatrical Marketing; Christine Benitez, SVP Multicultural Marketing; and Phil Cohen, SVP of Literary Affairs. These cuts follow earlier reductions in Paramount television and marketing/distribution, signaling a broad effort to streamline operations following the merger with Skydance Media.

In a note to staff today, Paramount Co-Chairs Dana Goldberg and Josh Greenstein acknowledged the difficulty of the day, stating, “We want to take a moment to acknowledge the departure of valued colleagues and express our deep gratitude for their contributions, dedication, and the impact they’ve made on our studio.” They emphasized the need to “right-size our organization” to “refocus our energy, and align our efforts with the endless opportunities ahead.” The restructuring is part of a larger trend in the entertainment industry as companies grapple with the changing media landscape and the rise of streaming services.

The remaining cuts are expected to impact offshore offices, bringing the total number of employees affected to around 1,000 out of a combined Paramount and Skydance workforce of roughly 20,000. Further details regarding the company’s strategy and structure are expected in the coming weeks, according to Goldberg and Greenstein. You can read more about the Paramount and Skydance merger here.