Paramount Global CEO Bob Bakish recently asked his staff to prioritize “managing costs” and earnings growth amid expectations of looming layoffs and deal chatter surrounding the entertainment giant.
On Tuesday, the CEO made things official, unveiling plans for job reductions in the U.S., an estimated 800 according to sources, and cuts abroad over time. The company had about 24,500 employees as of its last 10-K disclosure, which reflects staff count in December 2022. Bakish’s memo coincides with what had been an expected, significant move to cut costs early this year as Wall Street evaluates Paramount’s prospects as a stand-alone company.
