Paramount Global laying off 800 employees after record-breaking Super Bowl ratings

Paul Hoskin
·3 min read
The exterior of CBS Television City studio is pictured July 3, 2020, in Los Angeles. The network’s parent company has announced layoffs.
The exterior of CBS Television City studio is pictured July 3, 2020, in Los Angeles. The network’s parent company has announced layoffs. | Chris Pizzello, Associated Press

Paramount Global last Tuesday announced an 800-employee layoff in multiple U.S. and international networks. This news comes days after its CBS network reached record-breaking rates in viewership for the 2024 Super Bowl, reported KSL.

Per Variety, Paramount’s chief executive Bob Bakish sent out an internal memo Tuesday confirming warnings from last January to trim costs and return back to financial growth.

Affected U.S. employees were notified on Tuesday night, while international employees will be told if they received a pink slip in the coming weeks, said CNN.

The media giant, according to Forbes, is home to over 24,000 employees and also owns Paramount Pictures and a handful of cable networks, including Comedy Central and Nickelodeon.

Details about the layoffs

Bakish shared in the memo, per Variety:

“While I realize these changes are in no way easy, as I said last month, I am confident this is the right decision for our future. These adjustments will help enable us to build on our momentum and execute our strategic vision for the year ahead — and I firmly believe we have much to be excited about.”

While the memo didn’t specify how many employees would be laid off, sources estimate that about 800 employees across different channels and networks will be part of the layoffs.

Deadline warned that all of Paramount’s divisions are said to be impacted.

The cuts, according to The New York Times, come from Paramount and other peers of traditional media facing challenging opposition from superseding streaming services like Netflix.

For instance, Paramount+ and its ad-supported service Pluto TV have not yet become profitable, as they both lost more than $1 billion for the company in 2023.

Who’s been affected by the layoffs?

While the entire list of affected employees hasn’t been revealed yet, Deadline shared some employees who have already been let go:

  • Cheryl Bosnak: Paramount TV Studios executive vice president and head of current.

  • Kate Gill: Senior vice president of development.

  • Julie Katchen: Vice president of current.

  • Dominic Pagone: Paramount TV Studios senior vice president and head of communications.

  • Liz Paulson: Nickelodeon’s head of animation and live-action casting.

  • Paul Gilbert: Senior vice president of international formats, Paramount Global Content Distribution.

Reported by CNN, some high-profile journalists at CBS News — including senior investigative correspondent Catherine Herridge and justice correspondent Jeff Pegues — will also be part of the cuts.

The 2024 layoff shift

Paramount Global is not the only company currently experiencing cuts.

The Deseret News reported last January that there were layoffs in multiple companies such as PayPal, eBay, UPS and American Airlines.

Variety shared a chart of companies that have also experienced cuts this year, including:

  • Amazon (hundreds).

  • Business Insider (8%).

  • Google (hundreds).

  • Microsoft Gaming (1,900).

  • NBC News (50-100).

  • SiriusXM (160).

  • Sports Illustrated (possibly all staff).

  • Snapchat (10%).

  • Universal Music Group (hundreds).

  • YouTube (100).

Related

Regarding the news industry, CNN additionally reported that the Los Angeles Times and Time saw layoffs this past month; plus, Forbes, the New York Daily News and Condé Nast staffers have staged protests over their respective planned cuts.

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