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Paramount Global lays off 800 employees worldwide

Variety reported layoffs at Paramount Global. According to the publication, about 800 employees around the world from divisions such as CBS, Paramount Pictures, Paramount+, Pluto TV, Showtime, BET, Comedy Central, Nickelodeon and MTV will be cut. This is approximately 3% of all employees.

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At the same time, journalists published a memo from Paramount Global CEO Bob Bakish:

Unfortunately, cost optimization means that today we will begin the difficult process of saying goodbye to some of our very valued colleagues across Paramount. We will notify U.S. employees by the end of business today. This will also impact some of our offices located outside the United States. Notices will occur over time in accordance with our local legal obligations in each of the countries in which we operate.

We are incredibly grateful for your hard work and dedication. Your talents have helped us achieve our mission. Thanks to you, we have become a better company. While I understand that these changes are by no means easy, I am confident that this is the right decision for our future. These changes will enable us to strengthen our capabilities and deliver on our strategic vision for the coming year – and I strongly believe we have much to be excited about.

The CEO really has something to be happy about. In the third quarter, Paramount Global’s revenue grew 3%. In addition, the corporation is actively discussing options for purchasing or merging with other large companies.

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