Paramount Global cuts 800 jobs despite record Super Bowl ratings
OAN’s James Meyers
4:10 PM – Tuesday, February 13, 2024
Paramount Global, the parent company of CBS, made a shocking move on Tuesday by laying off 800 employees, just two days after breaking a viewership record for the Super Bowl.
CEO Bob Bakish announced the layoffs and revealed the company’s plan to make further cuts internationally. These cuts will be implemented gradually over time.
“Unfortunately, part of streamlining costs means that today, we will begin the difficult process of saying goodbye to some of our very valued colleagues across Paramount,” Bakish wrote in a memo obtained by The Hollywood Reporter. “We will be notifying impacted employees who are based in the U.S. by the close of business today.”
About 3% of the workforce was affected by the recent layoffs, as reported by The Guardian. The staff received the news on the same day.
“To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication,” Bob Bakish, Paramount’s top executive wrote in an internal memo obtained by the outlet. “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.”
“There will also be impacts in some of our offices based outside the U.S.,” with staff to be notified “over time,” the CEO added.
The massive layoffs sparked criticism towards Bakish, who received a total compensation of $32 million last year despite the company’s financial decline.
“Everybody in the newsroom is pissed that Bob Bakish is making over $30 million and he’s making these cuts,” one insider fumed.
One of the notable layoffs was CBS reporter Catherine Herridge. Herridge was fired shortly after reporting on President Biden’s potential retention of sensitive documents related to his family’s foreign business dealings.
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How has the recent round of layoffs at Paramount Global sparked a debate about corporate priorities and the treatment of employees during financial decline?
The recent layoffs at Paramount Global have caused shock and criticism within the industry. The parent company of CBS made the surprising decision to lay off 800 employees just two days after breaking a viewership record for the Super Bowl. This move has ignited a debate about corporate priorities and the treatment of employees in the face of financial decline.
CEO Bob Bakish announced the layoffs and revealed the company’s plan to make further cuts internationally. These cuts will be implemented gradually over time, signaling a potential shift in the company’s operations. However, the announcement has raised concerns and criticism from both employees and industry insiders.
In a memo obtained by The Hollywood Reporter, Bakish acknowledged the difficulty of the situation, stating, “Unfortunately, part of streamlining costs means that today, we will begin the difficult process of saying goodbye to some of our very valued colleagues across Paramount.” This statement shows the company’s awareness of the impact these layoffs will have on its workforce.
The recent layoffs affected about 3% of the company’s workforce, according to The Guardian. The affected employees received the news on the same day, further adding to the shock and uncertainty surrounding the situation. Bakish expressed gratitude towards the departing employees in an internal memo, acknowledging their contributions to the company’s mission of unleashing the power of content around the world.
However, the decision to lay off employees has sparked criticism towards Bakish. Despite the company’s financial decline, he received a total compensation of $32 million last year. This has led to accusations of hypocrisy and a sense of injustice among the remaining staff. One insider stated, “Everybody in the newsroom is pissed that Bob Bakish is making over $30 million and he’s making these cuts.”
One of the notable layoffs was CBS reporter Catherine Herridge, who was fired shortly after reporting on President Biden’s potential retention of sensitive documents related to his family’s foreign business dealings. This particular case has raised questions about the independence of journalists and the potential influence of corporate interests on news reporting.
The layoffs at Paramount Global have raised important discussions about the treatment of employees during times of financial difficulty. It is crucial for companies to prioritize their workforce and ensure that employees are treated fairly, especially when top executives receive significant compensation packages. The decision to lay off employees should be made with careful consideration of the impact it will have on individuals and their livelihoods.
As the industry continues to evolve and face challenges, it is essential for companies to find a balance between financial sustainability and employee well-being. Paramount Global’s recent layoffs serve as a reminder of the complex and sometimes controversial decisions that companies must make in order to navigate a rapidly changing landscape. Ultimately, the outcome of these decisions will have a lasting impact on both the company and its employees.
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