• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Paramount Global lays off about 800 employees, a day after announcing record Super Bowl ratings
Editor's Pick

Paramount Global lays off about 800 employees, a day after announcing record Super Bowl ratings

by February 15, 2024
by February 15, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

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.

Paramount Global owns a variety of assets including CBS, Paramount Pictures, Pluto TV, Paramount+ and cable networks including Nickelodeon, BET and Comedy Central. The job cuts come as the media company considers merger and acquisition options. Paramount Global has held early merger talks with Skydance Media and Warner Bros. Discovery in recent months, CNBC has previously reported.

The media company had warned employees of impending cuts in a Jan. 25 internal memo. Bakish said at the time that Paramount Global needs to “operate as a leaner company and spend less.”

Its Paramount+ streaming service continues to lose money each quarter. The platform lost $238 million in the third quarter. The company reports fourth-quarter earnings Feb. 28.

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.

The network earned tens of millions in additional revenue because the game between the Kansas City Chiefs and the San Francisco 49ers went into overtime.

This post appeared first on NBC NEWS
You Might Also Like
  • Disney, Fox, Warner Bros. Discovery call off Venu sports streaming service
  • UnitedHealthcare taps company veteran Tim Noel as new CEO following Brian Thompson killing
  • Tesla ordered to pay more than $3 million in damages over racially hostile workplace
  • TNT’s ‘Inside the NBA’ headed for ESPN and ABC after Warner Bros. Discovery settlement
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Russian nuclear capabilities in space could threaten international satellites, US military comms: Sources
next post
Paramount Global lays off about 800 employees, a day after announcing record Super Bowl ratings

You may also like

Microsoft CEO Nadella forms new AI group to build and...

January 14, 2025

CVS is under pressure and considering a breakup. Here’s why...

October 6, 2024

Starbucks is reeling as customers go elsewhere, sales decline

July 31, 2024

Credit Suisse to borrow up to nearly $54 billion from...

March 17, 2023

Elon Musk’s AI startup now valued at $24 billion after...

May 28, 2024

Kia recalling 427,000 Telluride SUVs because they might roll away...

March 30, 2024

Fed Chair Powell says there has been a ‘lack of...

April 17, 2024

Peloton shares fall after it posts wider-than-expected loss, falling sales...

August 24, 2023

Driverless cars immune from traffic tickets in California under current...

December 31, 2023

Coca-Cola takes on Olipop and Poppi with new prebiotic soda...

February 19, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,630 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    A U.S. construction boom is sending...

    August 14, 2024

    Mortgage demand drops to 27-year low...

    September 7, 2023

    Disney posts mixed results for quarter...

    August 10, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here