Paramount Global will lay off approximately 800 employees
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san francisco (Uttam Hindu News): Paramount Global, owner of broadcast and cable TV networks, has announced the layoff of hundreds of employees. The media giant is looking to reduce costs and increase revenues.
Chief Executive Officer Bob Bakish informed employees about the layoffs in an internal memo. However, the CEO did not say how many employees would be affected by this layoff.
About 800 employees, or about three percent of the company’s workforce, will be affected, CNN reported, citing sources.
The announcement comes just days after the CBS network posted record-breaking ad sales and high-rating Super Bowl telecasts.
Bakish said in the memo that the latest layoffs will affect workers around the world.
“These adjustments will help us maintain our momentum and enable us to execute on our strategic vision for the year ahead, and I strongly believe we have a lot to be excited about,” the CEO wrote.
The media company had warned employees of cuts in a memorandum dated January 25. Bakish said at the time that Paramount Global needed to operate as a company that could reduce expenses.
Paramount Global owns CBS, Paramount Pictures, Pluto TV, Paramount Plus, and cable networks including Nickelodeon, BET, and Comedy Central.
Meanwhile, global music entertainment company Warner Music Group has announced plans to lay off 10 percent of its workforce, or about 600 employees, over the next decade.
The majority of affected employees will be at the company’s owned-and-operated media properties, corporate and individual support functions, as well as its in-house ad sales function, The Hollywood Reporter reports.
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