Bob Bakish, Paramount Global's CEO, announced Thursday that the company plans to downsize in its pursuit of a leaner structure. Expected layoffs will be part of this process and will take place in the future months.
In a communique to the staff, Bakish stated, "Our keen focus is on boosting earnings growth. We aim to achieve this through a careful balance of revenue growth and cost management. This approach necessitates alignment across all teams, divisions, and brands."
Bakish added, "We aim to expand our shared services model wherever possible as we streamline operations. However, as seen over the past few years, this strategy will necessitate a reduction in our global workforce."
The company did not provide specifics regarding how many employees would be affected by the layoffs.
Bakish recognized that the company is navigating through challenging times, with a weak market, economic instability, and Hollywood writer and actor strikes disrupting studio production throughout the summer.
Recent rumors about Skydance Media's projected plans to take Paramount Global private have been a focus of media attention. These rumors originated from a preliminary offer made by Skydance Media owner David Ellison to National Amusements Inc., Paramount's holding company.
Reacting to these speculations, Bakish expressed, "It's unsurprising that Paramount remains a subject of speculation, given its historical significance and the scrutinized nature of our industry." He also added, "But I believe our focus should be on what we can control — execution."
Similarly, other media organizations, including The Los Angeles Times, Business Insider, and Sports Illustrated, have recently announced layoffs.
