Paramount Global has announced its plans to lay off 800 employees, around 3% of its global workforce, after a highly successful Super Bowl reception.
Just two days after the Super Bowl LVIII became the most-watched TV programme in history, the owner of CBS announced plans to lay off 800 employees. Paramount Global is cutting its global workforce by around 3%, with staff informed of the changes on Tuesday. Currently, the company has around 24,500 full-time and part-time employees across 37 countries.
Chief executive Bob Bakish announced this after CBS revealed its broadcast of the Kansas City Chief’s overtime victory over the San Fransisco 49ers. On Sunday, it averaged 123.4 million viewers across TV and streaming platforms.
“To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication,” Bakish wrote in an internal memo. “Your talents have helped us advance our mission of unleashing the power of content around the world. We are a better company because of you… While I realize these changes are in no way easy … 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.”
Paramount Global owns the Paramount Pictures movie studio; TV networks including Comedy Central, MTV, Nickelodeon, and Channel 5; and the Paramount + and Pluto streaming platforms. It is home to franchises such as Top Gun, Mission Impossible, and Yellowstone.
With the recent news of others bidding to acquire Paramount, including Warner Bros and Skydance, perhaps this is a tactical move.
Will this be the only workforce cut in 2024 for Paramount? Which other streamers will begin major cuts? Follow us for more business news.
