CBS parent company Paramount Global plans to cut hundreds of jobs just days after broadcasting the most-watched Super Bowl in history, according to a report Tuesday.
The job cuts will reduce the company’s workforce by about 3 percent, the Guardian reported. reportIt said staff were notified of the decision on Tuesday.
“To those who have left us, we sincerely thank you for your hard work and dedication,” Paramount CEO Bob Bakish wrote in an internal memo obtained by the media. . “Your talents have helped advance our mission to unleash the power of content around the world. We are a better company because of you.”
News of the media giant’s cuts comes just hours after the network announced a record 123.4 million people watched Super Bowl LVIII on CBS, Paramount+, Nickelodeon, Univision and CBS Sports on Sunday. .
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Sunday’s Super Bowl ratings victory also came a week after CBS’s Grammy Awards, which drew 17 million viewers, up 30 percent from a year ago.
Paramount is just the latest in a number of major media companies to make significant layoffs in recent months as companies face tough advertising markets, changing consumer habits and other economic challenges.
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