Several media companies have announced mass layoffs in recent weeks. Now it appears Paramount is going to join that growing list.
Paramount CEO Bob Bakish announced layoffs at the company Thursday, claiming it would need to “operate as a leaner company and spend less”.
“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,” Bakish said in a memo, according to CNBC’s Alex Sherman. “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,”
The impending layoffs coincide with reports that Skydance Media is working on a deal to purchase the company and take it private. Previous reports claimed Warner Bros. Discovery had begun explorative talks to consider a merger with Paramount, but few details have emerged since those December reports.
In the memo, Bakish did not reveal how many jobs the company expects to cut in the coming weeks.
