American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
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
Jordan’s King Abdullah meeting with Biden highlights US ally’s dilemma in Israel-Hamas war
next post
Self-driving Cruise vehicle accused of nearly hitting kids in two separate close calls, one day apart

Related Posts

Why has the Rolls-Royce share price jumped, and...

February 11, 2025

FTX exec who turned on Sam Bankman-Fried sentenced...

May 31, 2024

Stellantis CEO Carlos Tavares to retire in 2026,...

October 11, 2024

Is the SPDR GLD ETF a buy as...

November 25, 2024

CAC 40 forecast ahead of Thales, Kering, Hermes...

October 17, 2024

2 reasons why the Costco stock price has...

March 15, 2025

Europe markets open: STOXX 600 dips 0.2% on...

June 2, 2025

Asia’s stock markets waver as investors eye China’s...

October 11, 2024

Europe markets open: Gains expected after Trump walks...

April 23, 2025

Asian markets slip as Iran weighs US strikes;...

June 23, 2025

    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.

    Latest News

    • GMS stock jumps 29% on takeover interest from Home Depot, QXO, analysts raise PTs

      June 22, 2025
    • Japan’s rice price surge: what’s driving it and why it could spark a political crisis

      June 22, 2025
    • BofA raises STOXX 600 target amid resilient global growth, warns on Mideast risks

      June 22, 2025
    • Palantir co-founder: US must prevent Iranian nukes

      June 22, 2025
    • Fed governor Waller advocates for July rate cut amid tariff, labor market outlook

      June 21, 2025

    Categories

    • Business (3,199)
    • Investing (2,531)
    • Latest News (2,000)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.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 © 2025 americaninvesthub.com | All Rights Reserved