Paramount Global, an entertainment company, has announced plans to reduce its workforce in an effort to cut costs. In an internal memo obtained by ’s, Chief Executive Bob Bakish emphasized the company’s priority of returning to earnings growth. Paramount has experienced a decline in annual earnings since 2020.
Bakish stated that to achieve this goal, the company must focus on growing revenue while also reducing costs. Unfortunately, this will involve bidding farewell to some valued colleagues across Paramount as part of the cost-streamlining process.
Sources familiar with the matter revealed that approximately 800 employees would be affected by the layoffs, which represent about 3% of the total workforce. When approached for comment, Paramount declined to provide a statement.
Interestingly, the announcement comes just two days after Paramount streamed Super Bowl LVIII live on CBS, Nickelodeon, and Paramount+. Bakish mentioned that the event showcased the full power of Paramount. According to CBS, the Super Bowl became the most-watched program in television history, with an average viewership of 123.4 million across all platforms.
In response to the news, shares of Paramount have fallen by 3.1%, reaching $12.99. Over the past year, the stock has declined by 42%.