Paramount cuts 800 staffers

Just days after scoring the most-watched telecast of all time on CBS and its streamer, Paramount Global announced its moving forward with a plan to lay off around 800 employees.

The move was announced by CEO Bob Bakish in a memo sent Tuesday, Feb. 13, 2024.

The cuts would equal about 3% of the company’s workforce, and affected employees would be notified the same day, according to the memo.

“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.

Although the network may have brought in over $700 million in ad revenue for Super Bowl LVIII ads, the company also lost $238 million on its Paramount+ streamer in the third quarter of 2023, with total yearly loses expected to come in at around $1 billion once fourth-quarter results come in later in February 2024.

It is also operating with significant debt and Bakish said one of the goals of the layoffs is to operate as a “leaner company.” 

The company is also in the early stages of talking about merging with another media giant, with Warner Bros. Discovery and Skydance Media expressing interest, as well as Byron Allen’s Allen Media Group.

According to emerging reports, about 20 staffers at CBS News were affected.

Advertisement

Two prominent correspondents, Jeff Pegues and Catherine Herridge, were reportedly among the cuts. Christina Ruffini and Pamela Falk are among other on-air names reportedly affected. 

Pegues served as chief national affairs and justice correspondent, while Herridge, who happens to be embattled in a battle to protect a source based on reporting during her time at Fox’s cable channel, served as an investigative reporter. 

Paramount’s move, which was largely expected, sent its stock down shortly after the announcement. 

This makes the company one of numerous media outlets to cut staff, including journalists, in recent months. Others have included CNN, NBC, Sports Illustrated and the Los Angeles Times, among others. 

A recent report indicated that over 500 journalists lost their jobs in January 2024 alone; and these figures don’t include others in sales, production, administration and other roles that have been dropped.