Paramount executive Bob Bakish attends the 2022 MTV Europe Music Awards (EMA) at the PSD Bank Dome in Dusseldorf, Germany, November 13, 2022.
Thilo Schmuelgen | Reuters
Paramount Global is laying off hundreds of employees, just one day after the company announced that CBS had record viewership for the Super Bowl, CEO Bob Bakish said in an internal memo to employees Tuesday.
Paramount will lay off about 800 people, or about 3% of its workforce, according to a person familiar with the matter. Paramount Global ended 2022 with approximately 24,500 full- and part-time employees.
Affected workers will be informed on Tuesday, Bakish said in the memo.
“These adjustments will allow us to build on our momentum and execute on our strategic vision for the coming year – and I firmly believe we have plenty of reasons to be excited,” Bakish wrote in the memo.
Deadline first reported the number of cuts last month.
Paramount Global owns a variety of assets including CBS, Paramount Pictures, Pluto TV, Paramount+ and cable networks including Nickelodeon, BET and Comedy Central. The job cuts come as the media company considers merger and acquisition options. Paramount Global has held preliminary discussions about a merger with Skydance Media and Warner Bros. Discovery in recent months, CNBC previously reported.
The media company warned its employees of impending cuts in an internal memo last month. Bakish said at the time that Paramount Global needed to “operate like a leaner company and spend less.”
Its streaming service Paramount+ continues to lose money every quarter. The platform lost $238 million in the third quarter. The company reports its fourth quarter results on February 28.
Super Bowl LVIII on CBS was the most-watched television broadcast in history, with an estimated 123.4 million people watching across all platforms.
CBS charged a record average of $6.5 million for each 30-second Super Bowl commercial, according to research firm Guideline.
The network generated tens of millions in additional revenue from the overtime of the game between the Kansas City Chiefs and the San Francisco 49ers.
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