Paramount manager Bob Bakish attends the MTV Europe Music Awards (EMAs) 2022 at the PSD Bank Dome in Düsseldorf on November 13, 2022.
Thilo Schmülgen | Portal
Paramount CEO Bob Bakish announced layoffs at the media company on Thursday, citing the need to “operate as a leaner company and spend less.”
“Our priority is to drive revenue growth. And we will achieve this goal by increasing our revenue while carefully controlling costs – a balance that requires alignment across teams, departments and brands,” Bakish said in a note to employees.
“Where possible, we will look to expand our shared services model while streamlining operations. As in recent years, this means we will continue to reduce our workforce globally,” he added.
Paramount did not initially disclose how many jobs the company would cut. There are also plans to reduce spending on international content, Bakish said in the memo.
The company reports its quarterly results at the end of February and then plans to develop its strategy for 2024.
The cuts come as a number of companies in the media industry and beyond announce layoffs while pushing for cost cuts. The Los Angeles Times, Business Insider and Sports Illustrated, among others, have cut jobs in recent days during a turbulent period for the media.
The layoffs also come as David Ellison's Skydance Media explores a deal to take Paramount private, CNBC reported Wednesday.
Bakish acknowledged the challenges the company faced, including a weak market, economic volatility and strikes by Hollywood writers and actors that hampered studio production for much of the summer. He seemed to reference the Paramount takeover rumors.
“With all of these changes, it’s no surprise that Paramount continues to be the subject of speculation. We are a long-established listed company in a highly followed industry,” he said. “But I have always believed that the best thing we can do is focus on what we can control – execution. To focus on what works while continually adapting to current realities.”