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Paramount Global lays off around 800 employees, one day after announcing record Super Bowl audiences

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Paramount executive Bob Bakish attends the 2022 MTV Europe Music Awards (EMA) at the PSD Bank Dome in Dusseldorf, Germany, November 13, 2022.

Thilo Schmuelgen | Reuters

Paramount Worldwide fires hundreds of employees, just one day later the company announced that CBS saw record viewership for the Super BowlCEO Bob Bakish said in an internal memo to employees on Tuesday.

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

Affected workers will be informed on Tuesday, Bakish said in the memo.

“These adjustments will allow us to build on our momentum and execute on our strategic vision for the coming year – and I firmly believe we have plenty of reasons to be excited,” Bakish wrote in the memo.

Paramount shares fell about 4% Tuesday morning.

Deadline first reported the number of reductions 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 preliminary discussions about a merger with Skydance Media and Warner Bros. Discovery in recent months, CNBC previously reported.

The media company warned its employees of the impending cuts in a January 25 press release. Internal memo. Bakish said at the time that Paramount Global needs to “operate like a leaner company and spend less.”

Its streaming service Paramount+ continues to lose money every quarter. The platform lost $238 million in the third trimester. The company reports its fourth quarter results on February 28.

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