In a companywide memo released on Wednesday, three executives leading Paramount Global's Office of the CEO reassured employees that the media conglomerate remains committed to its cost-cutting and growth plan despite the collapse of merger talks with Skydance Media.

The executives, George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon, addressed the situation directly and emphasized the company's determination to move forward.

"While the Board will always remain open to exploring strategic alternatives that create value for shareholders, we continue to focus on executing the strategic plan we unveiled last week during the Annual Shareholder Meeting, which we are confident will set the stage for growth for Paramount," stated the memo.

During the meeting on June 4, the executives outlined their strategic vision for the future, indicating that Paramount intends to cut costs of approximately $500 million annually through layoffs and other cost-reduction measures. They also mentioned plans to pursue a joint venture with Paramount+ and potentially sell some unspecified assets. The trio stressed that these cost savings were just the beginning and promised to provide additional details during the Q2 2024 earnings call in August.

To further address employees' concerns and questions about the future of Paramount Global, the executives initially scheduled a town hall for June 5 but subsequently rescheduled it for June 25, citing ongoing speculation regarding potential mergers and acquisitions.

In the memo, the co-CEOs acknowledged the challenges the company has faced amid ongoing change and speculation. They expressed confidence in Paramount's future and assured employees of their commitment to investing in the company's world-class franchises, films, series, and sports.

"As we look ahead, we are confident about what's in store for Paramount. We believe in you and we believe in Paramount. We have the content, the people, and the right plan to ensure a strong future," the executives wrote in the memo.

Paramount Global has been undergoing significant changes since the departure of former CEO Bob Bakish on April 30, reportedly due to a clash with controlling shareholder Shari Redstone over the pursuit of the deal with Skydance. Following Bakish's exit, the three co-CEOs assumed leadership roles within the company.

While the collapse of the Skydance Media deal may have dashed hopes of a merger, Paramount Global seems determined to forge its path to growth and profitability, focusing on transforming its streaming strategy, streamlining the organization, reducing non-content costs, and optimizing its asset mix to pay down debt.

The executives expressed gratitude for the hard work and dedication of their employees during these tumultuous months and encouraged them to participate in Community Day, a company-wide initiative aimed at giving back to local communities worldwide.

As Paramount Global moves forward, the upcoming Global Town Hall on June 25 is expected to shed more light on the company's strategy and plans for the future.