Paramount Global is laying off 800 staff, or about 3% of its workforce, according to multiple media reports.
News of the cuts come just days after CBS, owned by Paramount Global, saw record-breaking advertising and sales during a Super Bowl that drew an estimated 123.4 million viewers – making it the most-watched television show in history.
Paramount Global employees were informed of the cuts in an internal memo set by CEO Bob Bakish, that was widely quoted in the US media.
“These adjustments will help enable us to build on our momentum and execute our strategic vision for the year ahead — and I firmly believe we have much to be excited about,” Bakish wrote in the note.
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It is understood most of the layoffs are in the United States, although there are also likely to be job losses in its international offices.
Last month, Bakish said the company would let go of an unspecified number of employees, citing numerous challenges faced by the entertainment industry such as a soft ad market, Hollywood strikes, a volatile macroeconomic environment and the transition to streaming.
He said that the priority for Paramount in 2024 is to drive earnings growth. “We’ll get there by growing our revenue while closely managing costs,” he wrote. He added that Paramount will focus its resources on its “most powerful, resonant franchises, films and series” and produce fewer local, international originals.
Paramount Global is home to film franchises such as Top Gun and Mission: Impossible, as well as the hit television show Yellowstone.
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