Paramount is readying to lay off three per cent of its global workforce amidst restructuring plans. The layoffs were confirmed last month by Bob Bakish, CEO, Paramount.
A US-based company that produces and shares movies and TV shows, Paramount is part of Paramount Global, which used to be called Viacom CBS. It’s one of the oldest film studios globally and the second oldest in the US, after Universal Pictures. It is also one of the five biggest film studios in Los Angeles.
It is pertinent to mention here that Paramount, worth $9 billion, faces a debt of over $15 billion.
Just a few hours after Columbia Broadcasting System (CBS), an American recording and broadcasting company, owned by Paramount, said that this year’s Super Bowl was the most-watched ever, with 123.4 million people watching on TV and online, the company announced more job cuts. These new layoffs come after previous ones and some changes in the company, such as combining Showtime and Paramount and making adjustments at the Smithsonian Channel, and Showtime and MTV Entertainment Studios.
Through an internal memo on 13 February 2024, the company announced that generating more revenue will be the top priority for the organisation this year. That is why, it has to let go of some of the workers. The employees affected by the layoffs in the US have been notified.
