Paramount Global announces workforce eduction following record Super Bowl viewership
Paramount Global, the parent company of prominent US national network CBS, has revealed plans to downsize its workforce by three percent – a cut of 800 employees.
This decision comes on the heels of CBS’s record-breaking Super Bowl broadcast, which drew in the highest viewership numbers in the history of American television.
The announcement of the layoffs, made yesterday, follows closely after CBS’s Chief Executive Officer, Bob Bakish, celebrated the network’s successful coverage of the NFL’s premier event. Super Bowl LVIII, which saw Kansas City Chiefs triumph over San Francisco 49ers in overtime, attracted an average of 123.4 million viewers across both television and streaming platforms.
‘To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication,’ Bakish said in an internal memo.
‘Your talents have helped us advance our mission of unleashing the power of content around the world. We are a better company because of you.
‘While I realise these changes are in no way easy … I am confident this is the right decision for our future. 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.’
This move aligns with a previous memo from last month, where Paramount Global outlined its intentions to streamline operations and boost revenue through workforce reduction. The company is reportedly engaged in early merger discussions with Skydance Media and Warner Bros. Discovery.
Paramount Global’s streaming platform, Paramount+, has incurred losses in recent quarters, including $238 million in the third quarter of the previous year. The company is set to report its fourth-quarter earnings on February 28.
As of the end of 2022, Paramount Global employed approximately 244,500 full-time and part-time staff across 37 countries, in addition to around 5,800 project-based employees.
The media conglomerate boasts ownership of various entertainment assets, including Paramount Pictures studio, television networks such as Comedy Central, MTV, Nickelodeon and UK’s Channel 5, as well as streaming platforms Pluto and Paramount+.
This announcement coincides with similar workforce reductions in other US media outlets this year, including significant layoffs at LA Times, Sports Illustrated and the Wall Street Journal. YouTube also let go of 100 employees from its creator management and operations divisions, while national network NBC terminated contracts with several staff members.
