Paramount Global is laying off a reported 800 employees in a round of reductions that will affect 3% of its workforce.
“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,” CEO Bob Bakish wrote in a note to employees Tuesday, according to CNBC.
According to securities filings, the company closed 2022 with 24,500 full-time employees.
The layoffs are not a surprise. Late last month, Bakish alerted employees that layoffs were around the corner, stating, “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.”
The news of widespread cuts comes on the heels of reporting that suggests Byron Allen has placed a $30 billion bid to purchase Paramount Global, which includes linear television products like CBS, Nickelodeon, BET, and Comedy Central.
The company also owns the Paramount+ streaming service, which continues to hemorrhage money. In the third quarter alone the platform lost $238 million. Fourth quarter revenue figures will be released later this month.
