Paramount CEO Bob Bakish announced staff layoffs on Thursday as part of a strategic effort to operate more efficiently and reduce expenses, according to a report by CNBC.
The company joins an industry trend of layoffs announced in the past few weeks, particularly in the media and tech industries.
Paramount CEO Bakish Announces Layoffs
Bakish emphasized the company's commitment to driving earnings growth, outlining the necessity for revenue expansion and cost management across all teams, divisions, and brands within Paramount. The move involves the continued reduction of the global workforce and an exploration of the shared services model to streamline operations.
While the exact number of job cuts was not disclosed, Paramount's initiative extends globally, accompanied by plans to decrease international content spending. Further details about Paramount's 2024 strategy and financial outlook will be provided when the company reports quarterly earnings at the end of February.
Industry Trend Layoffs
The decision aligns with a broader industry trend, as various media companies and entities outside the media landscape announce layoffs as part of cost-cutting measures.
Recent days have seen job cuts at media entities like the Los Angeles Times, Business Insider, and Sports Illustrated, contributing to a period of significant flux in the media industry.
Addressing Paramount's challenges, Bakish acknowledged factors such as a soft market, economic volatility, and disruptions caused by strikes by Hollywood writers and actors, significantly impacting studio production throughout the summer.
"Amid all this change, it's no surprise that Paramount remains a topic of speculation. We're a storied public company in a closely followed industry, But I have always believed the best thing we can do is concentrate on what we can control - execution. Leaning into what's working, while continually adjusting to current realities," Bakish said in a statement.
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