Home » Business News • US Employment News » Paramount chief announces layoffs amid cost-cutting measures
Paramount chief announces layoffs amid cost-cutting measures
https://www.whatjobs.com/news/usa/us-employment-news/paramount-chief-announces-layoffs-amid-cost-cutting-measures
By Nithya Bose in Business News, posted January 29, 2024
Paramount CEO Bob Bakish has announced a series of layoffs at the media giant, citing a need to “operate as a leaner company and spend less.”
Bakish told staff in a memo: “Our priority is to drive earnings growth.
“And we’ll get there by growing our revenue while closely managing costs — a balance that will require every team, division and brand to be aligned.”
He added: “Where possible, we’ll look to expand our shared services model as we streamline operations.
“As it has over the past few years, this does mean we will continue to reduce our workforce globally.”
Paramount did not disclose the specific number of job cuts.
In the memo, Bakish mentioned plans to decrease spending on international content.
More details on Paramount’s strategy for 2024 will be shared during its quarterly earnings report at the end of February.
These layoffs are part of a broader trend in the media sector and beyond.
"I have always believed the best thing we can do is concentrate on what we can control — execution"
Companies like The Los Angeles Times, Business Insider, and Sports Illustrated recently announced job reductions amid economic challenges.
The layoffs coincide with reports of Skydance Media, led by David Ellison, considering a deal to take Paramount private, as reported by CNBC.
Bakish acknowledged various challenges confronting Paramount, such as a weak market, economic instability, and disruptions in studio production due to strikes by Hollywood writers and actors.
Looking to boost your online brand? Create your FREE business profile at WhatBiz? Here
He hinted at the ongoing speculation surrounding Paramount's future.
He said: “Amid all this change, it’s no surprise that Paramount remains a topic of speculation.
“We’re a storied public company in a closely followed industry.
“But I have always believed the best thing we can do is concentrate on what we can control — execution.
“Leaning into what’s working, while continually adjusting to current realities.”
Follow us on X, LinkedIn, and Facebook
