Media Giant Paramount Global, Which Owns CBS News, To Cut 800 Jobs
Paramount Global, the owner of CBS News, is cutting 800 jobs, about 3% of its workforce.
This downsizing occurs despite CBS's broadcast of Super Bowl LVIII setting a record as the most-watched TV event.
The layoffs were confirmed by Paramount CEO Bob Bakish in a memo, following the Super Bowl's viewership peak of over 123 million across all platforms. Bakish commended the contributions of the departing employees but deemed the job cuts necessary for the company's strategic vision and growth.
ABC7 Chicago reports that the goal is to slash costs and increase revenue. Paramount Global operates various TV networks, including MTV and Nickelodeon, movie studio Paramount Pictures, and streaming services Paramount+ and Pluto. The company had over 24,500 employees globally at 2022's end.
The layoffs were confirmed by Paramount CEO Bob Bakish in a memo, following the Super Bowl's viewership peak of over 123 million across all platforms. Bakish commended the contributions of the departing employees but deemed the job cuts necessary for the company's strategic vision and growth.
ABC7 Chicago reports that the goal is to slash costs and increase revenue. Paramount Global operates various TV networks, including MTV and Nickelodeon, movie studio Paramount Pictures, and streaming services Paramount+ and Pluto. The company had over 24,500 employees globally at 2022's end.
