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Paramount Global Will Eliminate 800 Jobs Despite Super Bowl Success

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Paramount Global Will Eliminate 800 Jobs Despite Super Bowl Success

(CTN News) – On Tuesday, Paramount Global, the owner of broadcast and cable TV networks, announced its intention to lay off hundreds of employees to streamline operations and increase revenue.

CBS, a network under Paramount Global, achieved unprecedented advertising sales during the Super Bowl and record viewership.

According to insiders, the layoffs will affect approximately 800 employees, approximately 3% of the company’s workforce. CEO Bob Bakish made the announcement in a memo obtained by CNN. He did not specify the exact number of layoffs, but insiders suggest that around 800 people will be affected.

In a memo dated January 25, Bakish mentioned the workforce reduction and stressed that it was part of the company’s growth strategy.

According to Bakish, employees in the US will be notified by the end of business on Tuesday about the impact of these cuts. His memo expressed his confidence that these adjustments would facilitate the company’s momentum and execution of its strategic vision for the upcoming year.

The possibility of a merger between Paramount and Warner Bros. has been raised amid speculation that Paramount’s heiress Shari Redstone may consider selling her stake. After receiving takeover proposals from Skydance and RedBird Capital as well as Discovery, led by David Zaslav, Paramount declined to comment.

In addition to celebrating the success of Super Bowl LVIII, Paramount Global is navigating a transition from traditional linear television to streaming.

In total, 123.4 million people watched the broadcast, a record high since the 1969 moon landing. Bakish discussed the network’s success in setting a new record for Super Bowl advertising sales in an interview with Bloomberg TV.

As part of a broader industry trend of layoffs in 2024, Paramount has implemented workforce reductions as a result of its workforce reductions.

The Los Angeles Times, TIME, and Business Insider all reduced staff in January, and Condé Nast, Forbes, and The New York Daily News walked out in protest of impending job reductions.

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