Paramount Global (NASDAQ:PARA) stock is trading lower Tuesday on report citing the company’s plans to reduce its workforce by approximately 800 employees, equating to 3% of its total staff, CEO Bob Bakish detailed in a recent internal memo.
This decision follows closely on the heels of CBS’s announcement of achieving record viewership for the Super Bowl. Paramount, which concluded 2022 with around 24,500 employees, is taking this step to streamline operations and focus on strategic goals for the upcoming year, CNBC reports.
The media conglomerate, which encompasses a wide range of assets such as CBS, Paramount Pictures, Pluto TV, Paramount+, and cable networks like Nickelodeon, BET, and Comedy Central, is exploring merger and acquisition opportunities.
This includes preliminary discussions with entities like Skydance Media and Warner Bros. Discovery Inc (NASDAQ:WBD).
These layoffs ...