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9 months ago
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Paramount Global has begun a planned round of layoffs, telling U.S.-based employees that those affected by the cutbacks will be notified by the end of Tuesday.
An internal memo from CEO Bob Bakish (read it below) did not disclose numbers. A person familiar with the cutbacks estimated the total number at 800, which is consistent with a Deadline report last month. The scope and details of the staff reductions will come into focus over the course of the day.
Like many of its media peers, Paramount has been squeezed by a slowdown in advertising and a challenging transition from linear TV to streaming. The company will report fourth-quarter earnings at the end of February.
“To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication,” Bakish wrote in the memo. “Your talents have helped us advance our mission of unleashing the power of content around the world.”
He continued, “While I realize these changes are in no way easy, as I said last month, I am confident this is the right decision for our future. 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.”
Reports continue to swirl about the future of Paramount as a stand-alone entity, with a number of suitors expressing interest in acquiring some or all of the company. Formed by the merger of CBS and Viacom and controlled by Shari Redstone’s National Amusements, Paramount has drawn interest from Byron Allen and David Ellison’s Skydance Media, along with numerous private equity firms. Deadline reported Monday that Apollo Global Management has stepped back after initially surfacing as a candidate for National Amusements and its controlling stake in Par’s voting shares.
Here is Bakish’s full memo:
Team,
As we shared at Bob Live in January, returning our company to earnings growth is a top priority in 2024.
This will require us to continue to grow revenue, while reducing costs. And unfortunately, part of
streamlining costs means that today, we will begin the difficult process of saying goodbye to some of our very valued colleagues across Paramount.
We will be notifying impacted employees who are based in the U.S. by the close of business today.
We’ll share details directly regarding next steps and will do all we can to support you during this time of transition.
There will also be impacts in some of our offices based outside the U.S. Those notifications will occur over time in line with our local legal obligations in each of the countries where we operate.
To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication. Your talents have helped us advance our mission of unleashing the power of content around the world.
We are a better company because of you.
While I realize these changes are in no way easy, as I said last month, I am confident this is the right
decision for our future. 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.
We are coming off of a blockbuster event with Super Bowl LVIII that showcased the full power of
Paramount. We’re launching a big slate of new and returning primetime programming on CBS, and last night marked the return of Jon Stewart to The Daily Show. We continue to release films, like Bob Marley: One Love this week, which reinforce our heritage as one of Hollywood’s most iconic movie studios. And we’re coming together as One Paramount more than ever, with continued commitment to our values, culture imperatives and fostering an inclusive workplace.
We should all take time this week to support one another – our colleagues who will be impacted, as well as our teams remaining – in adjusting to this change. Speaking personally, I want our entire team to know that I am committed to sharing updates when we’re able to.
As always, I am continually grateful for your commitment to our company. And I’m confident we will navigate this transition and emerge stronger than ever.
Best,
Bob
