Paramount CEO Announces Layoffs, Emphasizes Need for Cost Reduction

Paramount CEO Bob Bakish has announced layoffs at the media company as part of an effort to operate more efficiently and reduce costs. In a memo to employees, Bakish stated that the priority is to drive earnings growth and achieve a balance between revenue growth and cost management. He also mentioned plans to expand the shared services model and streamline operations, which will result in a reduction of the global workforce.

The exact number of job cuts has not been disclosed by Paramount. Additionally, the company intends to decrease international content spending. Further details about the company’s 2024 strategy will be provided in the upcoming quarterly earnings report at the end of February.

These layoffs align with a trend of cost-cutting measures being implemented by various companies in the media industry. Recent examples include layoffs at the Los Angeles Times, Business Insider, and Sports Illustrated. Furthermore, there are reports that Skydance Media, led by David Ellison, is exploring the possibility of acquiring Paramount.

Bakish acknowledged the challenges faced by Paramount, including a soft market, economic volatility, and disruptions caused by strikes in the entertainment industry. However, he emphasized the importance of focusing on execution and adapting to current realities.