AM I NEXT? NO LOVE AT CAA (08/12/23)

AUGUST 12, 2022 — 60 EMPLOYEE LAYOFFS — WARNING OF THINGS TO COME?

Against the background of a prolonged entertainment industry strike, CAA has announced plans to lay off 60 employees across all departments.

The company is reported to be in advanced talks to sell a majority stake to billionaire Francois-Henri Pinault, who is tipped to take the company off the hands of private equity giant and current majority stakeholder TPG.

JULY 14, 2022 — Original post…

Los Angeles, California-based CAA (Creative Artists Agency) a full-service Hollywood talent agency that recently acquired Hollywood Talent Agency ICM Partners (International Creative Management) in a $750 million transaction, has announced a limited post-merger consolidation.

The consolidation will impact 105 employees following the close of the transaction. 425 ICM employees will join CAA bringing the combined staff to an estimated 3,200 employees.

According to a joint statement issued by senior management, "Today marks a new chapter in the history of our company, positioning us better than ever to deliver extraordinary opportunities for many of the world’s preeminent artists, athletes, thought leaders, brands, and organizations in entertainment, sports, and culture. We are thrilled to welcome our new ICM colleagues to CAA, and look forward to combining their expertise, relationships, and resources with those of our agents and executives around the world.”

Like all mergers, look for future continued cost-cutting initiatives to exploit synergies and reduce duplication of services.

Another opportunity to reduce headcount might come in 2026 when CAA moves its headquarters across the street to a new 37-story tower where it will have its own entrance, lobby, and parking.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT NETFLIX (06/24/22)

JULY 24, 2022 — 150 LAYOFFS

The company has announced 150 layoffs, mainly in film and television creative services.

A company spokesperson noted, “As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly US-based. These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition.”

JUNE 24, 2022 — 300 LAYOFFS

“Today we sadly let go of around 300 employees,” a Netflix spokesperson told MarketWatch. “While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth. We are so grateful for everything they have done for Netflix and are working hard to support them through this difficult transition.”

JUNE 21, 2022 — ANOTHER ROUND OF LAYOFFS

According to media reports…

Netflix is bracing for its next round of layoffs as the streaming giant looks to cut costs in the wake of its stock troubles.

Impacted staff are expected to be told at the end of the week. It’s unclear what departments are going to be hit, but sources suggest that the cuts could be similar in size to the round of reductions undertaken in May. At that time, Netflix laid off 150 employees and dozens of contractors and part-time workers. When those cuts were announced, Netflix said that there would be other rounds of pink-slipping in 2022.

MAY 21, 2022 — MORE LAYOFFS THAN ORIGINALLY ANNOUNCED

There are credible media reports that there were 290 layoffs and that many of the firm's workers were profiled as “prolific social justice warriors on social media.”

Could this be a red-flag warning to employees who owe their jobs to social justice causes? Just asking.

MAY 18, 2022 — Original post…

Los Gatos, California-based Netflix, a subscription streaming service and production company, has announced a major reduction in force as a response to a major turndown in revenue.

An initial 150 employees, including executives and creatives, are impacted by the right-sizing effort.

According to a company statement, “As we explained on earnings, our slowing revenue growth means we are also having to slow our cost growth as a company. So sadly, we are letting around 150 employees go today, mostly US-based. These changes are primarily driven by business needs rather than individual performance, which makes them especially tough as none of us want to say goodbye to such great colleagues. We’re working hard to support them through this very difficult transition”.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT PARAMOUNT PICTURES

Hollywood California-based Paramount Pictures Corporation, a film and television production, and distribution company has announced the results of its restructuring under the new leadership of Marc Weinstock who will manage global marketing. The streamlining of its domestic and foreign marketing operations will impact 44 employees associated with the marketing and distribution departments.

According to an employee memo issued by Weinstock, “We’ve had to make the difficult decision to eliminate some positions across the domestic and international marketing and distribution divisions. Internationally, as the new organization will also support territory offices going forward, regional offices will become solely focused on our distribution business.”

"Today we are announcing a set of strategic structural changes to our marketing and distribution operations around the world that will set us up for a future of greater efficiency and collaboration globally, allowing us to further evolve and be even more impactful in a rapidly changing marketplace.

To achieve full integration of our Domestic and International Marketing teams, the following departments will now become global teams.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?