Paramount Global has begun a planned round of layoffs, telling U.S.-based employees that those affected by the cuts will be notified by the end of Tuesday.

An internal memo from CEO Bob Bakish (read below) did not disclose numbers. A person familiar with the cuts put the total number at 800, which is consistent with a Deadline report from last month. The scope and details of the staff reductions will come into focus throughout the day.

Like many of its media peers, Paramount has been pressured by a slowdown in advertising and a challenging transition from linear TV to streaming. The company will report fourth-quarter earnings at the end of February.

“To those we are parting ways with, we are extremely grateful for your hard work and dedication,” Bakish wrote in the memo. “Their talents have helped us advance our mission to unleash the power of content around the world.”

He continued: “While I realize these changes are not easy, as I said last month, I am confident this is the right decision for our future. These adjustments will allow us to build on our momentum and execute our strategic vision for the year ahead – and I firmly believe we have a lot to be excited about.”

Reports continue to swirl about Paramount's future as a standalone entity, with several suitors expressing interest in acquiring part or all of the company. Formed by the merger of CBS and Viacom and controlled by Shari Redstone's National Amusements, Paramount has attracted interest from Byron Allen and David Ellison's Skydance Media, along with numerous private equity firms. Deadline reported Monday that Apollo Global Management backed down after initially emerging as a candidate for National Amusements and its controlling interest in Par's voting shares.

Here's Bakish's full memo:

Team,

As we shared on Bob Live in January, returning our company to earnings growth is a top priority in 2024.

This will require us to continue to increase revenues while reducing costs. And, unfortunately, part
Streamlining costs means that today we will begin the difficult process of saying goodbye to some of our valued colleagues at Paramount.

We will notify affected employees residing in the US by close of business today.

We will share details directly about next steps and do everything we can to support you during this transition period.

There will also be impacts on some of our offices located outside the US. These notifications will occur over time in accordance with our local legal obligations in each of the countries where we operate.

To those we are parting with, we are extremely grateful for your hard work and dedication. Your talents have helped us advance our mission to unleash the power of content around the world.

We are a better company because of you.

While I realize these changes are not easy, as I said last month, I am confident this is the right way
decision for our future. These adjustments will allow us to build on our momentum and execute our strategic vision for the year ahead – and I firmly believe we have a lot to be excited about.

We are coming off a highly successful event with Super Bowl LVIII that showcased the full power of
Primordial. We're rolling out a big slate of new and returning primetime shows on CBS, and last night marked Jon Stewart's return to The Daily Show. We continue to release films, like Bob Marley: One Love this week, that reinforce our heritage as one of Hollywood's most iconic film studios. And we are coming together as One Paramount more than ever, with an ongoing commitment to our values, cultural imperatives and promoting an inclusive workplace.

We should all take time this week to support each other – our colleagues who will be affected, as well as our remaining teams – in adapting to this change. Speaking personally, I want our entire team to know that I am committed to sharing updates whenever possible.

As always, I am continually grateful for your commitment to our company. And I am confident that we will navigate this transition and emerge stronger than ever.

Better,
Bob

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