As the media firm looks for ways to cut costs and increase earnings this year, Paramount Global is reportedly laying off approximately 800 employees, or about 3% of its workforce. 

Paramount Global CEO Bob Bakish's Memo to Employees

Citing a person familiar with the matter, Reuters reported on Tuesday that Paramount Global CEO Bob Bakish disclosed in a memo to employees that the affected staff based in the US will receive notifications on Tuesday. The cuts will also reportedly impact some workers outside the US. 

The media conglomerate's decision to downsize comes amidst efforts to streamline operations and bolster profitability amid a challenging landscape marked by the rise of streaming services over traditional television. 

Reuters reported that in the memo, Bakish noted that these adjustments are geared towards building on their momentum and realizing strategic objectives for the year ahead.

He expressed optimism about the company's future despite the restructuring. However, Paramount Global has not yet provided an official statement on this development. 

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Broader Trend of Layoffs

Earlier announcements from Bob Bakish already hinted at the impending layoffs as he acknowledged the numerous challenges confronting the entertainment industry. 

Paramount Global's strategic focus entails prioritizing its most impactful franchises, films, and series while scaling back on the production of local and international originals. 

The reported downsizing at Paramount Global is part of a broader trend in the tech and media sectors. According to tracking website Layoffs.fyi, over 34,000 employees have been laid off from 141 tech companies worldwide since the start of the year. 

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