US media giant Paramount Global, owner of national network CBS, has announced it is laying off 800 employees, days after CBS broadcast American football’s most-watched Super Bowl in history.
The company informed staff yesterday it is planning to reduce its global workforce by about 3%, hours after chief executive Bob Bakish announced CBS’ coverage of the flagship NFL final event – which was won by Kansas City Chiefs in overtime against the San Francisco 49ers on Sunday – averaged 123.4 million viewers across its television and streaming platforms.
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In an internal memo obtained by multiple news outlets, Bakish wrote: “To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication.
“Your talents have helped us advance our mission of unleashing the power of content around the world. We are a better company because of you.
“While I realize these changes are in no way easy … I am confident this is the right decision for our future. 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.”
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The move comes after an earlier memo sent last month stated the company’s intention to reduce costs and grow revenue by reducing its workforce.
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By GlobalDataIt also comes as Paramount, the fusion of media giants Viacom and CBS, reportedly continues to hold early merger talks with Skydance Media and Warner Bros. Discovery.
The company’s streaming platform Paramount+ has been losing money each quarter, the latest being $238 million in the third quarter of last year. The company is due to report its fourth-quarter earnings on February 28.
According to a regulatory filing, at the end of 2022, Paramount had about 244,500 full-time and part-time across 37 countries and some 5,800 project-based staff on its payroll.
The media giant owns movie studio Paramount Pictures, television networks Comedy Central, MTV, Nickelodeon, and the UK's Channel 5, and streaming platforms Pluto and Paramount+.
The news comes as multiple US-based media outlets announce cuts this year, including LA Time, which has laid off 20% of its newsroom staff, Sport Illustrated, which has cut more than 100 of its employees, and The Wall Street Journal, letting go of some of its staff in an attempt to restructure its business.
Video platform YouTube also laid off 100 employees from its creator management and operations divisions, while national network NBC ended contracts with a number of its staffers.
