Feb 14, 2024 14:18:00

Media giant Paramount lays off about 800 employees to cut costs

Paramount Global, the American media giant that owns film distribution company

Paramount Pictures and media-related companies Paramount Media Networks, has laid off about 800 employees, about 3% of its total workforce. It was reported that it happened. CEO Bob Bakish said the job cuts are part of Paramount Global's cost-cutting efforts.

Paramount Global to Cut 800 Jobs Days After Record Super Bowl - Bloomberg
https://www.bloomberg.com/news/articles/2024-02-13/paramount-global-to-cut-800-jobs-days-after-record-super-bowl

Paramount Global Layoffs Are Underway: Read CEO Bakish Memo to Staff

https://variety.com/2024/tv/news/paramount-global-layoffs-ceo-bakish-memo-1235909218/

In an internal memo to employees on February 13, 2024, Bakish said, ``In 2024, Paramount's top priority is to return the company's earnings to a growth phase. 'As part of our cost rationalization efforts, we are unfortunately beginning the difficult process of saying goodbye to our valued Paramount colleagues today.'

U.S.-based employees affected by the reduction will be notified by February 13, 2024. Those eligible will be provided with information sharing, including information on their next job, and support during the job change period.

Mr. Bakish's memo did not specify how many employees were being cut, but the people said they did not specify the number of employees who would be cut, including Paramount Pictures, Paramount+,

Pluto TV and Comedy Central . A total of 800 people across Paramount Global's departments, including `` MTV '' and ``MTV,'' have been laid off.

It has been reported that Paramount Global Chairman Shari Redstone may sell control to film and television producer David Ellison and media mogul Byron Allen. Additionally, while streaming services such as Netflix are thriving, cable and satellite services continue to lose subscribers.

In fact, it has been reported that Paramount+, Paramount's online TV service, is operating in the red. Paramount Global is scheduled to announce its financial results for the fourth quarter of 2023 on February 28, 2024.

Paramount Global just aired the NFL's biggest event, the Super Bowl , on February 11, 2024. I showed off my full potential,'' he said.

Regarding the layoffs, Bakish said, ``We believe this is the right decision for the future of Paramount Global.These layoffs will further accelerate Paramount Global's strategic vision for 2025 and beyond.'' It will help us implement it.”