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- Paramount Global is laying off hundreds of employees, just one day after the company announced CBS had record Super Bowl viewership, Chief Executive Officer Bob Bakish said Tuesday in an internal memo to employees. Paramount will lay off about 800 people, or an estimated 3% of its workforce, according to a person familiar with the matter.
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Feb 13, 2024 · Paramount Global (PARA) will lay off hundreds of employees following a record-setting Super Bowl that garnered more than 123 million viewers across all company platforms, led by CBS.
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Paramount Global is laying off hundreds of employees, just one day after the company announced CBS had record Super Bowl viewership, Chief Executive Officer Bob Bakish said Tuesday in an internal memo to employees.
Paramount will lay off about 800 people, or an estimated 3% of its workforce, according to a person familiar with the matter. Paramount Global ended 2022 with about 24,500 full-time and part-time employees.
Affected workers will be notified Tuesday, Bakish said in the note.
“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,” Bakish wrote in the note.
Paramount shares fell about 4% in morning trading Tuesday.
Deadline first reported the number of cuts in January.
Super Bowl 58 on CBS was the most-watched television show in history, with an estimated 123.4 million people having watched across all platforms.
CBS charged a record high average $6.5 million for every 30-second advertisement for the Super Bowl, according to the research company Guideline.
- Alex Sherman, CNBC
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