Yesterday, we found out that entertainment giant Paramount (PARA) was engaging in its Phase Two layoffs, and we would know before the end of the day who was impacted. One victim of the layoff axe has emerged, and it is actually a surprise. Jeff Glor, former CBS anchor, is now out. Investors did not take the news well, and shares slipped fractionally in Wednesday afternoon’s trading.
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Glor was a major face at the network, noted a report from People. He had been with the network since 2007, and was part of The Early Show starting in 2011. Eventually, he became anchor of the CBS Evening News from 2017 to 2019. Glor shifted to CBS Saturday Morning after that, joining in the co-hosting duties with Dana Jacobson and Michelle Miller. He was also part of 60 Minutes Sports and CBS This Morning.We also found that Glor was part of a layoff that hit 2,000 positions throughout the entirety of Paramount.
The layoffs are part of ongoing cost-cutting measures at Paramount aimed at saving around $500 million in costs before the merger can go through. It will also likely cut down on redundancies after the merger, which should be sometime in 2025 assuming regulators decide to stay out of this one.
Execute Order 66
It appears, meanwhile, that Phase Two will not be the final phase of layoffs, but rather, just the latest. Reports from The Wrap, citing a document from the New York state government, noted that Paramount plans to layoff another 66 employees in the state, and will do so this December. The report noted that this was in addition to the numbers already laid off, and will arrive in three phases itself: one set will go on December 6, another on December 13, and then, the majority will be gone on December 16.
While these may be among the last layoffs for a while—which makes sense given that the Skydance merger is about to go through—the move is intended to “…set Paramount up for continued success,” as noted by the company’s three CEOs.
Is PARA Stock a Good Buy Right Now?
Turning to Wall Street, analysts have a Hold consensus rating on PARA stock based on three Buy, eight Hold and seven Sell recommendations assigned in the past three months, as indicated by the graphic below. After a 14.37% loss in its share price over the past year, the average PARA price target of $12.13 per share implies 15.74% upside potential.
