Paramount Global, celebrating a Super Bowl ratings victory, is set to lay off around 800 employees, representing 3% of its workforce.
The move aims to support the company’s strategic vision, despite the recent success of CBS, which garnered 123.4 million viewers during the event.
“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,” Bob Bakish wrote.
The layoffs, not unexpected, follow similar actions in other media companies, reflecting the broader challenges facing the industry.
These include cord-cutting, advertising market struggles, and consumer spending constraints, with Paramount having already slashed 25% of its employees last year.
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