Paramount Lays Off 800 Employees Amid Cost Cutting Measures

(RTTNews) - Entertainment giant Paramount Global (PARA) CEO Bob Bakish informed that about 800 people or an estimated 3 percent of its workforce will be laid off, as part of the company's cost-cutting measures.

In an internal memo to the employees, Bakish said, "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 CEO further informed that the affected employees will be notified by the end of Tuesday. He stated, "To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication."

Earlier, the media company had hinted employees about the lay-offs citing the need to "operate as a leaner company and spend less."

According to a regulatory filing, Paramount Global had about 24,500 full-time and part-time employees across 37 countries at the end of 2022.

The announcement comes just days after Paramount CBS charged a record-high average of $6.5 million for every 30-second advertisement for Super Bowl 58, which turned out to be the most-watched television show in history, according to the research company Guideline.

However, the media company is struggling to maintain its profitability, especially from its streaming service, which reported a loss of $238 million in the third quarter.

In January, the media industry saw similar lay-offs in The Los Angeles Times, TIME and Business Insider, while the staff of Conde Nast, Forbes and The New York Daily News staged protests against such measures, CNN reported.