Paramount Global is reportedly cutting 800 jobs on the heels of a record audience of 123 million views for Super Bowl Sunday, according to an internal memo published by the The Hollywood Reporter
The publication cited a message from Paramount Global
PARA,
+2.21%
Chief Executive Bob Bakish that flagged a need to cut costs over time and said employees will be notified starting Tuesday.
Paramount Global’s stock fell 2.9% as the broad market dropped. The stock is down 12% so far in 2024, while the S&P 500
SPX
is up by 3.9%.
A spokesperson from Paramount Global declined to comment.
Employment reductions had been expected on Wall Street.
“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 in the memo.
The move came after Paramount’s 2024 Super Bowl broadcast on CBS, Nickelodeon, Paramount+ drew in 123.4 million viewers as the most-watched telecast ever.
The round of layoff marks the latest in a series of structural changes at Paramount Global, after Showtime was combined with Paramount +, MTV News was shut down, and its ownership position in BET was taken off the market after being put up for sale.
The company also weathered strikes by the actors and writers unions in Hollywood.
In its most recent annual report, Paramount Global said it had 24,500 full- and part-time employees in 37 countries worldwide and about 5,800 project-based staff on its payroll, as of Dec. 31, 2022.
Also read: 2024 Super Bowl was the most-watched telecast ever, with 123.4 million viewers
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