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Paramount Global Laying Off 800 Employees as CEO Bakish Cites Need to Trim Costs
Paramount Global, amid a swirl of M&A discussions, is laying off about 800 employees worldwide as it looks to trim costs.
According to the memo, U.S. employees being laid off will be informed by the close of business Tuesday; international staff members will be notified “over time in line with our local legal obligations in each of the countries where we operate.” In the memo, Bakish touted the company’s “blockbuster” Super Bowl LVIII this Sunday — the most-watched telecast in history — which “showcased the full power of Paramount.” The CEO also cited a “big slate of new and returning primetime programming on CBS” and gave a shout-out to Jon Stewart’s return to Comedy Central’s “The Daily Show” on Monday (on a weekly basis). Skydance Media CEO David Ellison has been in talks with Shari Redstone, whose National Amusements Inc., owns a controlling stake in Paramount Global, about buying NAI.
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