Paramount Announces Hundreds Of Layoffs After Historic Super Bowl
After a historic Super Bowl LVIII, Paramount is moving forward with massive layoffs.
The Tuesday announcement came days after the Super Bowl, featuring the Kansas City Chiefs besting the San Francisco 49ers in overtime, achieve record-breaking advertising sales and the highest-rated telecast.
CNN reports Bob Bakish, the company's president, announced the layoffs in an employee memo, but did not specify the number of layoffs. Sources familiar with the matter told the outlet around 800 workers — or approximately 3% of the company's workforce will be affected. Those being laid off in the United States was notified on Tuesday.
"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," Bakish wrote.
Among those impacted by the layoffs include some of CBS News' highest-profile journalists, including senior investigative correspondent Catherine Herridge and chief national affairs and justice correspondent Jeff Pegues, two people familiar with the matter told CNN. Their last day at the network is not currently known.
The released jobs includes employees at CBS, Showtimw, Paramount+, Paramount Pictures, Pluto TV, and cable networks.
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Bakish, 60, revealed in the memo that Paramount Global's "earnings growth" is a top priority in 2024, which requires "reducing costs."
"And 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," Bakish said.
Paramount Global isn't the only media giant that has slashed jobs in massive layoffs.
Over 20,000 media jobs were eliminated in 2023, according to 'Forbes.' Warner Bros, Vice Media, Spotify, Vox Media, have also laid off employees.
