Paramount Global has begun a planned round of layoffs, telling U.S.-based employees that those affected by the cutbacks will be notified by the end of Tuesday.
An internal memo from CEO Bob Bakish (read it below) did not disclose numbers. A person familiar with the cutbacks estimated the total number at 800, which is consistent with a Deadline report last month. The scope and details of the staff reductions will come into focus over the course of the day.
Like many of its media peers, Paramount has been squeezed by a slowdown in advertising and a challenging transition from linear TV to streaming. The company will report fourth-quarter earnings at the end of February.
“To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication,” Bakish wrote in the memo. “Your talents have helped us advance our mission of unleashing the power of content around the world.”
He continued, “While I realize these changes are in no way easy, as I said last month, I am confident this is the right decision for our future. These adjustments will help enable us to build on our momentum and execute our strategic vision for the year ahead – and I firmly believe we have much to be excited about.”
Reports continue to swirl about the future of Paramount as a stand-alone entity, with a number of suitors expressing interest in acquiring some or all of the company. Formed by the merger of CBS and Viacom and controlled by Shari Redstone’s National Amusements, Paramount has drawn interest from Byron Allen and David Ellison’s Skydance Media, along with numerous private equity firms. Deadline reported Monday that Apollo Global Management has stepped back after initially surfacing as a candidate for National Amusements and its controlling stake in Par’s voting shares.
Here is Bakish’s full memo: