Paramount Global laid off a number of creative producers, marketers and recruiters at its Nickelodeon subsidiary last week, The Desk has learned.
The layoffs primarily impacted production and marketing staff at the children’s channel Nickelodeon, though some recruiters and social media editors working for Paramount Global’s other brands were also affected, according to people familiar with the matter.
A spokesperson for Paramount Global declined to comment when reached by e-mail on Tuesday, but a source said the layoffs affected “less than 100 workers” at the company.
The layoffs were part of a broader restructuring at Paramount Global in which some creative, marketing and human resource teams at Nickelodeon were combined with similar teams at other parts of the company. It comes as Paramount Global attempts to curb expenses following several years of outsized spending on new hires and content as it sought to push into the direct-to-consumer market with several streaming services, including Paramount Plus and Pluto TV.
Last November, Paramount executives confirmed the company was exploring ways to make “meaningful and sizable” cost cuts as it tries to weather the effects of a downturn in the global advertising market coupled with a decline in affiliate revenue from its cable and satellite channels as cord-cutting accelerates.
Naveen Chopra, Paramount Global’s chief financial officer, said last year there was a possibility of the company taking a restructuring charge at some point in its fourth financial quarter. The company is scheduled to report fourth quarter earnings in mid-February.
