Paramount Global lays off about 800 employees after Super Bowl

Paramount Global lays off about 800 employees after Super Bowl

Paramount govt Bob Bakish attends the 2022 MTV Europe Music Awards (EMAs) on the PSD Bank Dome in Duesseldorf, Germany, November 13, 2022. 

Thilo Schmuelgen | Reuters

Paramount Global is laying off lots of of employees, simply in the future after the company announced CBS had record Super Bowl viewership, Chief Executive Officer Bob Bakish stated Tuesday in an inside memo to employees.

Paramount will lay off about 800 individuals, or an estimated 3% of its workforce, in response to an individual aware of the matter. Paramount Global ended 2022 with about 24,500 full-time and part-time employees.

Affected staff shall be notified Tuesday, Bakish stated within the word.

“These changes will assist allow us to construct on our momentum and execute our strategic imaginative and prescient for the 12 months forward – and I firmly imagine we now have a lot to be excited about,” Bakish wrote within the word.

Deadline first reported the variety of cuts final month.

Paramount Global owns a wide range of property together with CBS, Paramount Pictures, Pluto TV, Paramount+ and cable networks together with Nickelodeon, BET and Comedy Central. The job cuts come because the media firm considers merger and acquisition choices. Paramount Global has held early merger talks with Skydance Media and Warner Bros. Discovery in current months, CNBC has beforehand reported.

The media firm had warned employees of impending cuts in an internal memo last month. Bakish stated on the time that Paramount Global wanted to “function as a leaner firm and spend much less.”

Its Paramount+ streaming service continues to lose cash every quarter. The platform lost $238 million within the third quarter. The firm studies fourth-quarter earnings on Feb. 28.

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