Paramount Global Announces 800 Job Cuts Amid Cost Reduction Efforts

CEO Bob Bakish confirms layoffs in a memo to staff, highlighting the company's strategic vision and recent successes.

Paramount Global CEO Bob Bakish announced approximately 800 layoffs as part of the company's cost reduction strategy.
The layoffs affect employees across all divisions, including CBS, Paramount Pictures, and Paramount+, with U.S. employees to be notified by the end of the day.
The decision follows a year of cost cuts and reorganization, including the merger of Showtime with Paramount+ and the sale of a stake in BET.
Paramount's recent successes include a record-breaking Super Bowl LVIII viewership and the return of Jon Stewart to 'The Daily Show'.
Despite the layoffs, Bakish remains optimistic about the company's future, citing new programming and film releases as reasons for excitement.