Paramount Global, the parent company of CBS, is set to lay off around 800 employees, representing a 3% reduction in its global workforce. The decision follows a period of high revenue and ratings from Super Bowl ads. CEO Bob Bakish announced the cuts in an internal memo as the company shifts focus from traditional television to streaming, affecting TV networks like Nickelodeon, MTV, and Comedy Central.
Paramount Global last Tuesday announced an 800-employee layoff in multiple U.S. and international networks. This news comes days after its CBS network reached record-breaking rates in viewership for the 2024 Super Bowl. | By Paul Hoskin https://t.co/dCT5kPnit4
#Paramount has announced widespread layoffs, cutting about 800 jobs or 3% of its workforce as the company struggles to transition from traditional linear television to streaming. Read more: https://t.co/n3fFRC8s0A https://t.co/FC8TEUVtDN
Paramount, the owner of TV networks like Nickelodeon, MTV and Comedy Central, is laying off hundreds of employees, cutting costs as it continues its painful transition away from traditional television. https://t.co/DgkMtk1LhD
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. https://t.co/y5B7UyL0Q1
Paramount Global, CBS's parent company, is planning to lay off approximately 800 employees, a 3 percent reduction in its global workforce... Read more: https://t.co/hCv4OTnP3j ⬆️ ⬆️ ⬆️
Paramount Global to lay off 800 employees after record Super Bowl ad revenue and ratings https://t.co/kRHy9YVmcE