Paramount Global said it will begin to dismiss about 800 employees as part of a cost-cutting move to boost profits at the media company.
Paramount CEO Bob Bakish signaled that layoffs were coming last month, warning that the company would be streamlining operations and reducing the size of its workforce.
Tuesday morning, in a memo to staff obtained by B+C, Bakish said “today we will begin the difficult process of saying goodbye to some of our valued colleagues across Paramount.”
“I am confident this is the right decision for our future,” Bakish’s memo said. “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.”
Bakish’s memo didn’t say how many people would be affected by the layoffs. Sources familiar with the situation put the number at about 800, or 3% of the company’s workforce.
Much of the buzz around Paramount lately has involved the company being acquired. RedBird Capital and Skydance Media have been looking to buy a controlling interest in Paramount from National Amusements, the Redstone family holding company.
Media entrepreneur Byron Allen has also made a $30 billion offer to buy Paramount.
In his memo, Bakish pointed out some recent successes at Paramount, including airing a record-setting Super Bowl on CBS.
“We’re launching a big slate of new and returning primetime programming on CBS, and last night marked the return of Jon Stewart to The Daily Show,“ Bakish said. “We continue to release films, like Bob Marley: One Love this week, which reinforce our heritage as one of Hollywood’s most iconic movie studios.
“We should all take time this week to support one another — our colleagues who will be impacted, as well as our teams remaining — in adjusting to this change,” he said. “Speaking personally, I want our entire team to know that I am committed to sharing updates when we’re able to.”
