Paramount Global, the company that owns TV networks, is planning to cut jobs to make its operations more efficient and increase profits, as reported by CNN.
This decision follows CBS, a network under Paramount Global, achieving huge success with advertising sales and viewership during the Super Bowl.
CEO Bob Bakish announced the job cuts in a memo obtained by CNN, mentioning that around 800 employees, which is about 3% of the company’s workforce, will be affected. These cuts will impact employees globally, with notifications sent to US-based workers by the end of Tuesday. Bakish expressed confidence that these changes will help the company’s momentum and strategic goals for the upcoming year.
While there are rumors of Paramount’s heiress, Shari Redstone, considering selling her stake and talks about a potential merger with Warner Bros. Discovery, Paramount has not commented on these matters.
As Paramount Global transitions from traditional TV to streaming, it celebrated the success of Super Bowl LVIII, which had a historic viewership of 123.4 million. Bakish highlighted the network’s achievement in setting a new record for Super Bowl ad sales in a Bloomberg TV interview.
Paramount’s decision to reduce its workforce is part of a larger trend in the media industry, with other companies implementing layoffs in 2024. Notable instances include staff cuts at The Los Angeles Times, TIME, and Business Insider in January, along with historic walkouts at Condé Nast, Forbes, and The New York Daily News, protesting impending job reductions.