Feb. 14 (UPI) — Days after CBS’ Super Bowl LVII broke viewership records, its partner company Paramount Global said it was laying off 800 employees as it seeks to cut costs and streamline its operations.
The company’s CEO Bob Bakish made the announcement Tuesday in an internal memo to employees.
“These adjustments will help enable us to build on our momentum and execute our strategic vision for the year ahead,” Bakish said, “and I firmly believe we have much to be excited about.”
The announcement comes weeks after Bakish had told employees on Jan. 25 that there would be layoffs, though did not disclose how many jobs would be cut.
He defended the move last month by saying they aim “to operate as a leaner company” while spending less, specifically on international content.
“Our priority is to drive earnings growth,” Bakish said in the January memo. “And we’ll get there by growing our revenue while closely managing costs — a balance that will require every team, division and brand to be aligned.”
Paramount Global, which owns several media and entertainment companies, including CBS and streaming service Paramount+, saw its shares drop 4% Tuesday morning.
The announcement of layoffs comes on the heels of CBS broadcasting Sunday’s record-breaking Super Bowl LVII, which garnered 123.4 million average viewers across all platforms, making it the most-watched telecast in history.
However, the announcement also makes it one of several tech and media companies to announce cuts to staff this year, including eBay, Sports Illustrated, Prime Video, MGM Studios and Twitch, to name a few.
