Paramount Global boss Bob Bakish has praised the reported 800 staff set to lose their jobs. “We’re a better company because of you,” he wrote.
In a round of cost-cutting, Paramount Global is about to let a considerable number of staff go, with Deadline reporting that the number of job losses could amount to around 800 – some three percent of the studio’s global workforce.
In a memo to staff, Paramount boss Bob Bakish wrote that the cuts were necessary in order to allow the company to “continue to grow revenue while reducing costs.”
For those affected, though, Bakish offers some words of comfort: their work helped Paramount unleash “the power of content around the world,” is how he puts it.
“To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication,” Bakish wrote in a lengthy missive to staff. “Your talents have helped us advance our mission of unleashing the power of content around the world. We are a better company because of you.”
News of these job losses emerges as reports continue to swirl that Paramount Global may be acquired by some other media giant. David Ellison’s production company Skydance is one potential buyer; The Weather Channel submitted a bid of some $30bn in January; there has seven been talk of a merger between Paramount and Warner Bros.
Paramount Global had a mixed third quarter of 2023 according to numbers published by Variety, with revenue up three percent overall thanks to its film and streaming divisions, but a continued fall in advertising saw its TV sector fall by 14 percent.
The resulting job losses are set to affect the 24,500 staff over Paramount’s offices in 37 locations around the world.
Still, Bakish put a positive spin on the whole situation, writing, “While I realize these changes are in no way easy […] I am confident this is the right decision for our future. 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.”
