Paramount Global, CBS’s parent company, is planning to lay off approximately 800 employees, a 3 percent reduction in its global workforce. This announcement comes just days after CBS’s broadcast of Super Bowl LVIII set a record as the most-watched TV program in history, drawing an average of 123.4 million viewers across television and streaming platforms on Sunday. Employees were informed of the job cuts on Tuesday, and CEO Bob Bakish acknowledged the difficulty of the decision, thanking departing staff for their contributions to the company.
The company, which owns entertainment franchises such as Paramount Pictures, TV networks Comedy Central, MTV, Nickelodeon, Britain’s Channel 5, and streaming platforms Paramount+ and Pluto TV, did not respond to requests for comment on the job cuts. According to a regulatory filing, Paramount Global employed approximately 24,500 full-time and part-time employees across 37 countries and more than 5,800 project-based staff at the end of 2022.
The move aligns with the company’s stated focus on its most globally successful franchises, such as Top Gun, Mission: Impossible, and the hit television series Yellowstone, and less emphasis on local originals. CEO Bob Bakish concluded in an internal memo, “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.” The company further declined to provide additional comments on the layoffs.