Paramount Global, the owner of CBS, has announced a significant layoff of 800 employees, just two days after its record-breaking broadcast of Super Bowl LVIII. The decision to reduce the global workforce by approximately 3% was revealed to staff on Tuesday. The move comes as CBS reported that its broadcast of the thrilling Super Bowl game between Kansas City and San Francisco garnered an average of 123.4 million viewers across television and streaming platforms on Sunday.
Bob Bakish, the CEO of Paramount Global, addressed the layoffs in an internal memo obtained by various outlets, including Variety. While acknowledging the difficulty of these changes, Bakish expressed confidence in the decision, stating, “I am confident this is the right decision for our future.” He further emphasized that these adjustments would contribute to building on the company’s momentum and executing their strategic vision for the upcoming year. Bakish’s optimistic outlook suggests that Paramount Global has exciting plans in store.
Despite multiple invitations, Paramount Global declined to comment on the layoffs. The media conglomerate boasts an impressive portfolio, including the Paramount Pictures movie studio, popular TV networks like Comedy Central, MTV, Nickelodeon, Britain’s Channel 5, and streaming platforms such as Paramount+ and Pluto. With renowned film franchises like Top Gun and Mission: Impossible under its belt, as well as the highly acclaimed television show Yellowstone, Paramount Global has solidified its position as a major player in the entertainment industry.
In recent months, Paramount Global has made it clear that it intends to focus on its biggest global hits while reducing its emphasis on local originals. This strategic shift aligns with the company’s goal of maximizing its global reach and impact. By streamlining operations and prioritizing their most successful content, Paramount Global aims to strengthen its position in the competitive entertainment landscape.
According to a regulatory filing, Paramount Global employed approximately 24,500 full-time and part-time employees across 37 countries by the end of 2022. Additionally, the company had around 5,800 project-based staff on its payroll. These layoffs will undoubtedly have a significant impact on the workforce and the affected individuals.
The decision to downsize the workforce follows Paramount Global’s historic Super Bowl broadcast, which broke records as the most-watched TV program in history. The massive viewership numbers highlight the company’s ability to captivate audiences and solidify its position as a leader in the industry. However, it is essential to note that despite this success, Paramount Global still faces challenges and tough decisions in an ever-evolving media landscape.
In conclusion, Paramount Global’s announcement of 800 layoffs following its groundbreaking Super Bowl broadcast has sent shockwaves through the industry. The decision to reduce the global workforce by 3% reflects the company’s strategic vision and focus on maximizing its biggest global hits. While these changes may be difficult for the affected employees, Paramount Global’s CEO, Bob Bakish, remains optimistic about the future. As the company continues to adapt and evolve, it aims to build on its momentum and deliver exciting content to audiences worldwide.