Paramount Global Layoffs Begin; CEO Bob Bakish Tells 800 Departing Employees, “Your Talents Have Helped Us Advance Our Mission”
13.02.2024 - 14:32
Paramount Global has begun a planned round of layoffs, telling U.S.-based employees that those affected by the cutbacks will be notified by the end of Tuesday.
An internal memo from CEO Bob Bakish (read it below) did not disclose numbers. A person familiar with the cutbacks estimated the total number at 800, which is consistent with a Deadline report last month. Bakish had confirmed the planned cutbacks at a “Bob Live” town hall event in January. The scope and details of the staff reductions will come into focus over the course of the day.
As of December 31, 2022, Paramount had 24,500 full- and part-time employees in 37 countries worldwide, with about 5,800 project-based staff on its payroll.
Like its media peers, Paramount has been squeezed by a slowdown in advertising and a challenging transition from linear TV to streaming. The company will report fourth-quarter earnings at the end of February.
The sobering news of Tuesday follows a company high point on Sunday with the broadcast of Super Bowl LVIII. The telecast set a record as the most-viewed one of all time, with 123.4 million viewers across CBS, Paramount+, Nickelodeon and Univision.
“To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication,” Bakish wrote in the memo. “Your talents have helped us advance our mission of unleashing the power of content around the world.”
He continued, “While I realize these changes are in no way easy, as I said last month, I am confident this is the right decision for our future. 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.”
Reports continue to swirl about the