Paramount’s Workforce Reduction Amidst Super Bowl Success

2 mins read
Sad man waiting in the dark to depict Montréal International layoffs

The company behind the record-breaking Super Bowl LVIII broadcast and CBS, Paramount Global, the company behind CBS and the record-breaking Super Bowl LVIII broadcast, has announced a reduction in its global workforce, affecting approximately 3% of its employees. This decision comes just two days after the historic Super Bowl broadcast, which attracted a record-breaking audience.

Bob Bakish, CEO of Paramount Global, announced the successful Super Bowl broadcast, acknowledging the dedication and contributions of the affected employees. In an internal memo obtained by the Guardian, Bakish expressed gratitude for their hard work and emphasised the company’s appreciation for their role in advancing its mission.

“While I realise these changes are in no way easy,” Bakish stated, “I am confident this is the right decision for our future.” He emphasised that these adjustments are essential for building on the company’s momentum and executing its strategic vision for the year ahead.

Paramount Global, which encompasses Paramount Pictures, a range of TV networks including Comedy Central and MTV, as well as streaming platforms like Paramount+ and Pluto, did not provide further comment on the layoffs. The company’s focus on global hits, including film franchises like Top Gun and Mission: Impossible, and television series like Yellowstone, has been evident in recent months, with plans to prioritise these successes over local originals.

As of the end of 2022, Paramount Global employed approximately 24,500 full-time and part-time staff across 37 countries, in addition to 5,800 project-based employees. While the decision to reduce the workforce may be difficult, Paramount Global remains committed to its strategic objectives and is poised to navigate the evolving media landscape with agility and resilience.