Source: Andreas Rentz/MTV / Getty
In an internal memo to employees on Tuesday, Chief Executive Officer Bob Bakish announced Paramount Global’s decision to lay off hundreds of employees, coming just a day after the company celebrated record Super Bowl viewership on CBS.
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About 800 individuals, roughly 3% of the workforce, will be affected by the layoffs, as confirmed by a source familiar with the matter. Paramount Global, concluding 2022 with approximately 24,500 full-time and part-time employees, will begin notifying impacted workers on Tuesday, according to Bakish’s note.
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Bakish expressed optimism in the memo, stating, “These adjustments will help enable us to build on our momentum and execute our strategic vision for the year ahead — and I firmly believe we have much to be excited about.”
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The news of the layoffs caused Paramount shares to drop approximately 4% during morning trading on Tuesday. Reports of the impending cuts first surfaced in January, as per Deadline.
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Paramount Global, boasting a diverse portfolio of assets including CBS, Paramount Pictures, Pluto TV, Paramount+, and cable networks like Nickelodeon, BET, and Comedy Central, is currently exploring merger and acquisition opportunities. Recent discussions have included early talks with Skydance Media and Warner Bros. Discovery, CNBC previously reported.
The company had forewarned employees of potential cuts in a January 25 memo, with Bakish emphasizing the need for Paramount Global to “operate as a leaner company and spend less.”
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