New Delhi: Paramount Global, the owner of broadcast and cable TV networks, has revealed plans to lay off numerous employees as part of its efforts to reduce expenses and increase revenue. Chief Executive Officer Bob Bakish announced the job reductions in an internal communication to employees.
Although the CEO did not specify the precise number of employees to be laid off, CNN, citing sources, reported that around 800 workers, equivalent to approximately three percent of the company’s total workforce, would be impacted. (Also Read: Firefox-Owner Mozilla To Lay Off 60 Employees After Appointment Of New CEO: Report)
The announcement follows shortly after CBS network achieved record-breaking advertising sales and aired the highest-rated Super Bowl telecast. Bakish noted in the memo that the job reductions would impact employees globally. (Also Read: Paytm Tentative Timeline To Restart Loan Sanctioning Ends Today, February 14)
“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,” the CEO wrote.
The media company warned employees of impending cuts in a January 25 memo. Bakish said at the time that Paramount Global needs to operate as a leaner company and spend less. Paramount Global owns CBS, Paramount Pictures, Pluto TV, Paramount+ and cable networks, including Nickelodeon, BET and Comedy Central.
Meanwhile, global music entertainment company Warner Music Group has announced to lay off 10 per cent of its workforce, or about 600 employees, in order to free up more money for music investment across the next decade.
The majority of affected employees will be at the company’s owned and operated media properties, corporate and various support functions, as well as its in-house ad sales function, reports The Hollywood Reporter. (With IANS Inputs)