Friday, May 24, 2024

Paramount Global lays off hundreds in latest round of media job cuts: Reports

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Paramount Global is the latest media giant to cut hundreds of its staff Tuesday, according to CNN that first reported the news.

The cuts come after CBS, owned by Paramount Global, saw record-breaking advertising and sales during Super Bowl LVIII that drew in 120 million viewers, according to the NFL.

The internal memo obtained by CNN did not mention how many people would be affected by these cuts, but that number could approach 800 jobs, according to reporting from multiple outlets in addition to CNN, including the New York Times and LA Times.

Paramount Global’s CEO, Bob Bakish, wrote in the new memo that these “adjustments” will help enable the company to “build momentum” and “execute strategic vision” for 2024.

The company’s plan to reduce costs and grow revenue was hinted at in an earlier memo sent out on Jan. 25 that warned Paramount Global would reduce its workforce as a “path to earnings growth,” according to CNN.

USA TODAY has reached out to Paramount Global for comment.

Messenger shuts down: News website out of business after 8 months. See more 2024 media layoffs.

2024 media layoffs

2024 has been a tragic year for those in media, with multiple media companies executing cuts. Here’s where things stand:

  • The Messenger, an online news site that promoted itself to deliver unbiased and trusted news, abruptly shut down last week after eight months of operation, USA TODAY reported.
  • The LA Times cut 115 jobs from its newsroom, about 20% of its staff.
  • Sports Illustrated cut more than 100 of its employees in an effort to survive “substantial debt and recently missed payments,” USA TODAY reported.
  • NBC laid off several dozen of its staffers, USA TODAY reported.
  • YouTube laid off 100 employees from its creator management and operations divisions, Yahoo Finance reported.
  • The Wall Street Journal cut some of its staff in an attempt to “restructure,” Axios reported.
  • The Business Insider cut “about 8%” of its staff,” Yahoo Finance reported.

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