Paramount Global CEO Bob Bakish has outlined plans to cut the entertainment company’s workforce and to reduce the amount of international original programming it produces.
In a memo to staff, Bakish said the entertainment industry has been confronted by numerous challenges, including a soft ad market, Hollywood strikes and a volatile macroeconomic environment, all while navigating 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.
Bakish outlined “key strategies” for achieving this including maximising content with the biggest impact and driving streaming to profitability.
Parmount Global is home to film franchises as Top Gun and Mission: Impossible, as well as the hit television show Yellowstone. It is also the parent company of UK broadcaster Channel 5, streamer Paramount + and AVOD platform Pluto.
“It’s become very clear that our Hollywood hits are the biggest draw. So, in 2024, we’re focusing our resources on the most powerful, resonant franchises, films and series that perform across platforms globally,” wrote Bakish.
As a result, he said that Paramount will produce fewer local, international originals for its platforms, apart from for free-to-air networks in Australia, Argentina, Chile and the UK, “where we will continue to have a strong pipeline of local content.”
To boost streaming profitability, Bakish said Paramount would “lean even further into large markets like the US, UK, Canada, and Australia, where we have a strong multiplatform presence, our US studio content resonates best, and where there is the greatest revenue potential. In other important markets across Europe, Latin America and Asia, we will continue our market-by-market strategy and tap into the power of our strong local partnerships, ensuring we’re operating with the best model to drive local scale and viewership, while managing costs.”
He added that the strategy meant Paramount Global “will continue to reduce” its workforce globally.
“These decisions are never easy, but are essential on our path to earnings growth,” wrote Bakish.
You are not signed in
Only registered users can comment on this article.
Ofcom unveils draft code for streaming regulation
UK media regulator Ofcom has set out its plans to level the regulatory playing field between streaming platforms and traditional broadcasters, so viewers receive similar content protections.
ITV remains in ‘active discussions’ with Sky over sale
Sky and ITV are reportedly close to an acquisition deal that would see the telecoms operator take over the UK’s most-watched free-to-air PSB.
Hybrid AI VFX creative studio The Next Valley launches
AI production and tech firm nmatic.ai and VFX collective Alibi Studios have launched The Next Valley, billed as one of the world’s first studios dedicated to combining AI tools with traditional VFX production for film, advertising, and broadcast content.
France Télévisions predicts job cuts before 2027
Stéphane Sitbon-Gomez, Deputy General Manager of France Télévisions, has reportedly said that layoffs may be on the table for the PSB’s staff as a result of budget constraints, anytime between May 2026 and the French presidential elections in 2027.
.jpg)
CEO of ITN to be replaced “immediately”
Rachel Corp has stepped down after nearly four years as CEO of ITN with immediate effect. She will be succeeded by Ian Rumsey.
