The Investment Whisperer
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Investment Whisperer

Business

Paramount Global lays off about 800 employees, a day after announcing record Super Bowl ratings

by admin February 15, 2024
February 15, 2024
Paramount Global lays off about 800 employees, a day after announcing record Super Bowl ratings

Paramount Global is laying off hundreds of employees, just one day after the company announced CBS had record Super Bowl viewership, Chief Executive Officer Bob Bakish said Tuesday in an internal memo to employees.

Paramount will lay off about 800 people, or an estimated 3% of its workforce, according to a person familiar with the matter. Paramount Global ended 2022 with about 24,500 full-time and part-time employees.

Affected workers will be notified Tuesday, Bakish said in the note.

“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,” Bakish wrote in the note.

Paramount shares fell about 4% in morning trading Tuesday.

Deadline first reported the number of cuts in January.

Paramount Global owns a variety of assets including CBS, Paramount Pictures, Pluto TV, Paramount+ and cable networks including Nickelodeon, BET and Comedy Central. The job cuts come as the media company considers merger and acquisition options. Paramount Global has held early merger talks with Skydance Media and Warner Bros. Discovery in recent months, CNBC has previously reported.

The media company had warned employees of impending cuts in a Jan. 25 internal memo. Bakish said at the time that Paramount Global needs to “operate as a leaner company and spend less.”

Its Paramount+ streaming service continues to lose money each quarter. The platform lost $238 million in the third quarter. The company reports fourth-quarter earnings Feb. 28.

Super Bowl 58 on CBS was the most-watched television show in history, with an estimated 123.4 million people having watched across all platforms.

CBS charged a record high average $6.5 million for every 30-second advertisement for the Super Bowl, according to the research company Guideline.

The network earned tens of millions in additional revenue because the game between the Kansas City Chiefs and the San Francisco 49ers went into overtime.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Russia used an advanced hypersonic missile for the first time in recent strike, Ukraine claims
next post
Self-driving Cruise vehicle accused of nearly hitting kids in two separate close calls, one day apart

Related Posts

Thousands of schools are turning to apps to...

November 9, 2023

Dental supply stock surges on RFK’s anti-fluoride stance,...

November 20, 2024

GM ditching ‘Ultium’ name for batteries and tech...

October 10, 2024

Starbucks will accept reusable cups for drive-thru and...

January 6, 2024

Do you buy packaged meat or bagged fruit...

April 10, 2024

Global debt has grown to $315 trillion this...

May 31, 2024

Alaska, United flight cancellations continue amid ongoing investigation...

January 12, 2024

Wayfair to lay off 13% of workforce, affecting...

January 21, 2024

NFL season expected to spur record $35 billion...

September 4, 2024

Netflix ad-supported tier has 70 million monthly users...

November 14, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (1,402)
    • Investing (3,381)
    • Politics (4,562)
    • World (4,498)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheInvestmentWhisperer.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 TheInvestmentWhisperer.com | All Rights Reserved