Having weathered the suicide of ex-CAA agent-turned-company prexy Jay Moloney and celebrity investment adviser Dana Giacchetto’s fiscal chicanery, Paradise Music & Entertainment now finds itself buffeted by the SAG/AFTRA strike, which has affected performance of its commercial production operations.
In addition to releasing its second-quarter financial results — which saw Paradise’s quarterly revenues climb to $6.3 million from last year’s $1.9 million, while it posted a quarterly net loss of $2 million as opposed to a loss of $1.5 million in the year-previous period — the multimedia firm unveiled a series of cost-cutting measures.
Measures include trimming 33% of Paradise’s work force (33 jobs lost), companywide voluntary salary and compensation package decreases and merging the offices of its Straw Dogs and Shelter Films commercial production units.
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