Just hours after Paramount completed $110 billion merger with Warner Bros; CEOs sent memo to employees warning of layoffs; say: Integrating two companies will include … |
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. According to a Variety report, 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). “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.”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.”
Skydance sent memo titled ‘Day 1’
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. The goal was never simply to add more production capacity, brands or IP. 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.Paramount merges with Warner BrosParamount Skydance officially took over Warner Bros Discovery in a $110bn merger on October 6. 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.
