Streaming and TV giant Paramount Global announced it would lay off about 800 employees Tuesday to cut costs.
The layoffs constitute a 3% reduction in the company’s workforce. Paramount Global CEO Bob Bakish announced the cuts in an internal memo to employees.
“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 memo reads.
While the note didn’t dictate which departments will be the most affected by the layoffs, reports suggest that workers from across the company’s divisions will be cut. Affected employees were to be notified by the end of the day Tuesday.
The cuts come just two days after Paramount’s CBS network raked in record advertising revenue from its Super Bowl broadcast Sunday. The Paramount-owned company reportedly charged upward of $6.5 million for each 30-second commercial. The broadcast was the most-watched TV program in the U.S. since the 1969 moon landing, with over 123 million viewers.
The company’s profit has been bolstered by the success of its streaming service Paramount+, which houses the popular “Yellowstone” series and its spinoffs. However, the firm’s ad revenue from its linear TV divisions has been declining.
• Vaughn Cockayne can be reached at vcockayne@washingtontimes.com.
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