How Paramount Global is celebrating Super Bowl ratings win over CBS? By laying off hundreds of employees.
Paramount Global, which owns CBS, Paramount Pictures, Pluto TV, Comedy Central, BET and numerous other media properties, will lay off about 800 people, or 3 percent of its workforce, on Tuesday, according to an internal memo from its CEO. It is said that it plans to start. Bob Bakish, first obtained by Deadline.
Workers who lost their jobs will be notified on Tuesday. “These adjustments will help us build further on our momentum and execute on our strategic vision for next year, and we strongly believe there is much to be excited about,” Bakish said in a note. It is said that he wrote
For Sunday’s Super Bowl, CBS recorded 123.4 million viewers across television and streaming platforms, a significant increase from last year’s 115.1 million viewers.
CBS charged advertisers $7 million per commercial. Among the buyers was Chinese online marketplace Temu, which bought airtime for three of his commercials that aired multiple times during Sunday’s big game.
The layoffs are not surprising. As Breitbart News reported last month, Paramount Global was planning to lay off “hundreds” of employees across nearly every division. Meanwhile, acquisition rumors continue to swirl at Paramount, which reportedly includes David Ellison’s Skydance.
The layoffs represent the latest bloodbath in Hollywood, following layoffs at other media giants including Disney, NBC Universal, Amazon MGM Studios and Universal Music Group.
Hollywood is feeling the squeeze on many fronts. Households continue to cut the cord with millions of dollars as the advertising market remains depressed due to weak consumer sentiment caused by President Joe Biden’s economic policies.
As prices for food, energy, insurance, rent and other necessities continue to rise under the Biden administration, consumers are cutting back on discretionary spending such as entertainment.
Last year, Paramount cut 25 percent of its workforce across multiple media properties. As part of the cuts, it shut down MTV News.
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