Layoffs hit Showtime as Paramount overhauls `Billions' brand
Paramount Global continues to unwind its once-proud Showtime brand.
On Monday, nearly two weeks after announcing the premium cable channel would be renamed Paramount+ with Showtime, the New York media company unveiled a new organizational structure that unites Showtime with MTV Entertainment Studios.
As part of the move, two senior executives who had been managing Showtime — programming executive Gary Levine and business executive Jana Winograd — stepped down. Levine, who has overseen Showtime's original programming for 22 years and helped craft the network's biggest hits, including “Dexter,” “Homeland,” “Billions” and “Yellowjackets,” will take on a new role as senior creative adviser, reporting to Chris McCarthy, president of Paramount Global's media networks and the newly consolidated Showtime/MTV Entertainment Studios.
“Gary's contributions to Showtime might surpass those of anyone in the history of the network,” McCarthy said in a note to staff to announce the consolidation.
In addition, about 120 Showtime employees were laid off Monday, a spokesperson confirmed.
The consolidation comes amid widespread downsizing throughout Hollywood as legacy entertainment companies slash costs to try to demonstrate fiscal responsibility to Wall Street. Last week, the Walt Disney Co. announced it was eliminating 7,000 positions after billion-dollar losses from its streaming strategy drew the ire of an activist investor. Last week, Disney Chief Executive Bob Iger — who returned to the company in November — acknowledged that the company had binged too much on the prospect of streaming service subscriber growth.
In the last nine months, Netflix, NBCUniversal and Warner Bros. Discovery also have initiated staff cuts.
The Showtime shuffle was not unexpected.
Three years ago, CBS Corp. merged with Viacom Inc., and Viacom management assumed control, leading to a steady exodus of many senior CBS executives. The merger brought together CBS, MTV, Nickelodeon, Comedy Central, BET and the Paramount Pictures film studio in Los Angeles.