Paramount Global lays off a reported 800 employees

Paramount Global said Tuesday it is laying off some “highly valued colleagues.” Paramount+ team. Diversity informed Tuesday’s layoffs will affect about 800 employees, about three percent of the media giant’s workforce. “I am confident that this is the right decision for our future,” CEO Bob Bakish said in memory of the leaked employees. Paramount Global’s revenue rose three percent in the third quarter of 2023.

Bakish’s memo said the company would notify the laid-off employees by close of business on Tuesday. He added that international offices will also be affected. “These notifications will occur over time in accordance with our local legal obligations in each country where we operate,” the CEO wrote.

Diversity claims that the layoffs will be spread across all divisions of the company. These include Paramount+, CBS, Paramount Pictures, Showtime, Comedy Central, MTV, Nickelodeon and Pluto TV.

The CEO referred to Super Bowl LVIII, which turned into the NFL he says was the most watched show. Bakish chalked it up to the release of the game, which showcased “the full power of Paramount.” Some might argue that it instead shows the “full power” of uniting NFL fans with Taylor Swift fans.

Still from Jon Stewart's return to The Daily Show in 2024.  The presenter sits behind a table with pictures of Donald Trump and his children.Still from Jon Stewart's return to The Daily Show in 2024.  The presenter sits behind a table with pictures of Donald Trump and his children.

Jon Stewart’s return to ‘The Daily Show’ in 2024 (Comedy Central / Paramount)

Bakish’s memory made Jon Stewart cry returned to Comedy Central The Daily Show Monday. (At the host’s 2024 homecoming, he suggested a new slogan for the 2024 US presidential election: “What the f#@k are we doing?”) Stewart agreed to take back his old desk once a week after leaving the Apple TV+ lineup last month . The problem with Jon Stewart, after just two seasons. According to reports, Apple’s cancellation occurred after disagreements with the iPhone maker On episodes criticizing China and AI. Then MPs He questioned Apple about the outcome.

Paramount’s broadcast and film divisions have seen recent growth, but its traditional TV offerings continue to struggle. In the third quarter of 2024, revenue in this area decreased by eight percent, and TV advertising decreased by 14 percent. The company’s linear TV struggles have reportedly led it to mergers and acquisitions, including Warner Bros. in December 2023.

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