At its most recent earnings call, the company announced that Paramount+ turned a profit for the first time. However, Paramount also took a $5.98 billion write-down in the value of its TV network, showcasing the depreciating value of linear television.

Read Caluori’s full memo below:

Team,

I write to you to share that after three slime-filled years, today will be my last day at Paramount.

Writing notes like this one is never easy. Nickelodeon was the very first brand that I loved. Getting to work alongside all of you to share that love with today’s kids (including my own) has been a dream come true.

Thank you for daring the world to follow their “kidstincts.” Together, we brought the brand’s iconic Splat back with our Emmy award-winning brand campaign, slimed the Super Bowl(!), made Good Burger 2 the biggest direct-to-streaming movie of the year, relaunched Dora to the world, crushed expectations at the Kids’ Choice Awards, engaged millions of kids on Roblox and celebrated 25 years of SpongeBob with an epic, global campaign that set the bar for creator marketing. (And so much more!)

I’m incredibly proud of what we’ve accomplished together, but what I’m most proud of is the culture we created. Jumping into the unexpected, striving to make the mundane magical, and doing it all LIKE A SPONGE. Each day you launched groundbreaking work while navigating industry currents with the optimism of SpongeBob and the determination of Patrick. You are the heartbeat of this brand and your passion for the Nickelodeon mission is evident in everything you do.

My support for you remains steadfast as we transition to this new chapter. I continue to be your biggest cheerleader, coach and mentor. Please do not hesitate to reach out.

Rooting for you always,
Sabrina