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Paramount Global Axes 800 Jobs Despite Record Super Bowl Viewership
https://www.whatjobs.com/news/usa/us-employment-news/paramount-global-axes-800-jobs-despite-record-super-bowl-viewership
By Nithya Bose in Business News, posted February 14, 2024
Paramount Global has announced layoffs affecting roughly 800 staff or about three percent of its workforce.
The move comes just a day after Paramount-owned CBS boasted record viewership for the Super Bowl.
CEO Bob Bakish informed employees through an internal memo, signaling a strategic shift to streamline operations and foster growth for the future.
As of the end of 2022, Paramount Global employed around 24,500 people in full-time and part-time capacities.
Bakish said: “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.”
The media conglomerate, which has a wide range of entertainment platforms including Pluto TV, Paramount+, and cable networks like Nickelodeon and Comedy Central, is also exploring merger and acquisition possibilities.
Recent reports have highlighted early discussions with organisation like Skydance Media and Warner Bros. Discovery.
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The layoffs follow staff being told in January of the need for Paramount Global to adopt a more cost-efficient operational model.
Paramount+ has been particularly challenged, reporting a loss of $238 million in the third quarter alone.
The company is poised to reveal its fourth-quarter earnings at the end of February.
Despite these financial hurdles, CBS's broadcast of Super Bowl 58 emerged as the most-watched television event in history.
It drew an audience of 123.4 million across various platforms and generated significant ad revenue, especially with the game extending into overtime.
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