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TRENDING
Feb. 16, 2024
Paramount Global Dismissals
The media giant that owns the Paramount Pictures movie studio, plus CBS, Nickelodeon and other networks, will eliminate roughly 800 jobs as part of a broad streamlining effort.
Paramount Global, the media conglomerate that owns CBS,
is making significant workforce adjustments. Approximately 800 employees, which
accounts for about 3% of its global headcount, are being laid off. This
decision comes hot on the heels of CBS’s record-breaking viewership during Super
Bowl LVIII, which averaged 123.4 million viewers across television and
streaming platforms.
CEO Bob Bakish expressed confidence in this move,
emphasising that it will enable Paramount Global to build on its momentum and
execute its strategic vision for the year ahead. The company, known for film
franchises like Top Gun and Mission: Impossible, as well as the
hit TV show Yellowstone, aims to focus on its biggest global hits while
reducing emphasis on local originals.
“Unfortunately, part of streamlining costs means that
today, we will begin the difficult process of saying goodbye to some of our
very valued colleagues across Paramount,” Paramount Chief Executive Bob Bakish
said in a Tuesday memo that was obtained by The Times.
The company has been under pressure from Wall Street as it struggles to compete as a standalone entertainment
and media empire. Bakish had previously signalled that cuts were on the way.
Paramount Global’s portfolio includes the Paramount
Pictures movie studio, TV networks such as Comedy Central, MTV, Nickelodeon,
Britain’s Channel 5, and streaming platforms like Paramount+ and Pluto4.
Despite these layoffs, the company remains a significant player in the
entertainment industry.
This reduction in workforce reflects the evolving
landscape of media consumption and the need for cost management in a
competitive market. While it’s a challenging decision, Paramount Global
believes it’s necessary for its future growth and success.
