Paramount International stated Tuesday it’s shedding a few of its “very valued colleagues,” together with on its Paramount+ staff. Selection reported Tuesday the cuts will have an effect on about 800 staff, an estimated three p.c of the media large’s workforce. “I’m assured that is the suitable resolution for our future,” CEO Bob Bakish wrote in a leaked workers memo. Paramount International’s income grew three p.c within the third quarter of 2023.
Bakish’s memo says the corporate will notify terminated workers by the shut of enterprise on Tuesday. He added that worldwide places of work will probably be affected, too. “These notifications will happen over time consistent with our native authorized obligations in every of the nations the place we function,” the CEO wrote.
Selection claims the layoffs will probably be unfold amongst all the corporate’s divisions. These embody Paramount+, CBS, Paramount Photos, Showtime, Comedy Central, MTV, Nickelodeon and Pluto TV.
The CEO referenced Tremendous Bowl LVIII, which turned what the NFL says was the most-watched telecast ever. Bakish chalked that as much as the sport’s broadcast showcasing “the complete energy of Paramount.” Some could counter that it as a substitute showcased “the complete energy” of mixing NFL followers with Taylor Swift followers.
Bakish’s memo shouted out Jon Stewart, who returned to Comedy Central’s The Each day Present on Monday. (Within the host’s 2024 homecoming, he steered a brand new slogan for the 2024 US Presidential election: “What the f#@ok are we doing?”) Stewart agreed final month to reclaim his previous desk as soon as every week after leaving his Apple TV+ collection, The Problem with Jon Stewart, after solely two seasons. Apple’s cancellation reportedly got here after disagreements with the iPhone maker over episodes criticizing China and AI. Lawmakers later questioned Apple about the fallout.
Paramount’s streaming and movie divisions have pushed current progress, however its conventional tv choices proceed to battle. Income in that space dropped by eight p.c in Q3 2024, with TV promoting dropping by 14 p.c. The corporate’s linear TV struggles have reportedly put it on the block for mergers and acquisitions, together with (allegedly stalled) merger talks with Warner Bros. Discovery in December 2023.
