Paramount executive Bob Bakish attends the 2022 MTV Europe Music Awards (EMAs) at the PSD Bank Dome in Dusseldorf, Germany, November 13, 2022.
Thilo Schmuelgen | Reuters
Decisive CEO Bob Bakish announced layoffs at the media company on Thursday, citing the need to “operate as a leaner company and spend less.”
“Our priority is to stimulate profit growth. And we will achieve that by growing our revenue while keeping a close eye on costs – a balance that requires every team, division and brand to be aligned,” Bakish said in a memo to employees.
“Where possible, we will look to expand our shared services model while streamlining operations. As in recent years, this means we will continue to reduce our workforce globally,” he added.
Paramount did not immediately announce how many jobs the company would cut. It also plans to reduce international content spending, Bakish said in the memo.
The company will report its quarterly figures at the end of February and then plans to develop its strategy for 2024.
The cuts come as a string of companies in the media industry and beyond announce layoffs as they clamp down on costs. The Los Angeles Times, Business Insider and Sports Illustrated, among others, have cut jobs in recent days in a tumultuous period for the media.
The layoffs also come as David Ellison's Skydance Media explores a deal to take Paramount private, CNBC reported Wednesday.
Bakish acknowledged the challenges the company faced, including a weak market, economic volatility and strikes by Hollywood writers and actors that hampered studio production for much of the summer. He seemed to be alluding to the takeover rumors swirling around Paramount.
“Amid all this change, it's no surprise that Paramount remains a subject of speculation. We are a legendary publicly traded company in a closely watched industry,” he said. “But I've always believed that the best we can do is focus on what we can control: execution. Lean on what works, while continually adapting to the current reality.”