Paramount Global is set to cut 800 jobs following a record-breaking audience of 123 million views for this year's Super Bowl Sunday, according to an internal memo published by The Hollywood Reporter.

Cost-cutting Measures in Motion

In the memo, Paramount Global's Chief Executive, Bob Bakish, emphasized the need to reduce costs and stated that notifications to employees would commence on Tuesday. Unfortunately, streamlining expenses means bidding farewell to some valued team members across Paramount.

Stock Impact

As the broad market experienced a decline, Paramount Global's stock fell by 2.9%. So far in 2024, the company's stock has dropped by 12%, in contrast to the S&P 500's increase of 3.9%.

Super Bowl Success

Following Paramount's blockbuster Super Bowl broadcast on CBS, Nickelodeon, and its streaming service Paramount+, which drew in a staggering 123.4 million viewers, it comes as no surprise that some structural changes are taking place at the company.

Restructuring and Challenges

These layoffs are the latest in a series of restructuring efforts at Paramount Global. Notable changes include the consolidation of Showtime with Paramount+, the closure of MTV News, and the removal of BET from the market after being put up for sale. Additionally, the company had to navigate through strikes by actors and writers unions in Hollywood.

Global Reach

As of December 31, 2022, Paramount Global reported employing 24,500 full- and part-time workers in 37 countries globally. Moreover, they had approximately 5,800 project-based staff on their payroll.

Also read: 2024 Super Bowl was the most-watched telecast ever, with 123.4 million viewers

Investment-Grade Bonds: Rethinking Stability and Security

Maplebear Inc. Announces Layoffs and Resignation of COO

Leave A Reply

Your email address will not be published. Required fields are marked *