Paramount Global to cut 800 jobs as it looks to trim costs

Paramount Global, the owner of broadcast and cable TV networks, has announced to lay off hundreds of employees as the media giant looks to trim costs and grow revenue.

Chief Executive Officer Bob Bakish informed about the job cuts in an internal memo to employees.

While the CEO did not mention the exact number of workers who will be let go, CNN, citing sources, reported that about 800 employees, or roughly three per cent of the company's workforce, will be affected.

The announcement comes just days after its CBS network posted record-breaking advertising sales and the highest-rated Super Bowl telecast.

Bakish, in the memo, mentioned that the latest job cuts will affect employees around the world.

“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 wrote.

The media company warned employees of impending cuts in a January 25 memo. Bakish said at the time that Paramount Global needs to operate as a leaner company and spend less.

Paramount Global owns CBS, Paramount Pictures, Pluto TV, Paramount+ and cable networks, including Nickelodeon, BET and Comedy Central.

Meanwhile, global music entertainment company Warner Music Group has announced to lay off 10 per cent of its workforce, or about 600 employees, in order to free up more money for music investment across the next decade.

The majority of affected employees will be at the company's owned and operated media properties, corporate and various support functions, as well as its in-house ad sales function, reports The Hollywood Reporter

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