Paramount Studios has announced plans to cut half a billion dollars from their operating budget; and this means bye-bye to a lot of jobs. Breitbart calls it “a bloodbath” (https://www.breitbart.com/entertainment/2024/06/26/nolte-bloodbath-paramount-studio-announces-500m-cuts/).
They’re blaming it on competition from streaming services vs. regular cable TV; but I think the problem us the content.
Look at that picture. If I’d seen it when I was a little boy, it would have given me whooping nightmares. I mean, this is grotesque! Downright hideous.
Meanwhile, their revenues are up 13%, but operating income is down 61%, over the past five years; and so far this year, their stock is down 26%. Paramount is losing tons of money. Its three CEOs (three?) are talking about selling off some assets.
Paramount also controls Showtime, MTV, and CBS.
Bigger is not always better.
If they’re pitching their content to the Wokies, they have ignored the oft-proved maxim, “Go woke, go broke.”
Not a dry eye in the house!
