Paramount Global slashes 800 jobs after seeing revenue growth

Paramount employees getting sacked after The Big Game.

MajorLinux - Editor-in-chief
ViacomCBS today announced that the global media company will become Paramount Global (referred to as “Paramount”), effective February 16, bringing together its leading portfolio of premium entertainment properties under a new parent company name.

While having COVID can be a terrible feeling, seeing giant companies lay off employees after seeing growth is the sickest thing imaginable. And now Paramount wants to add to the contagion that is capitalism.

On Tuesday, the company announced that it was getting rid of some “very valued colleagues”. This includes people on the Paramount+ team.

Variety stated that the cuts will impact nearly 800 employees or 3% of Paramount’s workforce. CEO Bob Bakish is “confident this is the right direction for our future.” That was written in a staff email that was leaked to Variety.

These cuts come just after Paramount Global’s revenue grew by 3% in the third quarter of 2023. Bakish also mentioned that Super Bowl LVIII was “the full power of Paramount.” The game was the most-watched telecast ever.

The cuts are being spread all over Paramount’s many divisions. This includes Paramount+, CBS, Paramount Pictures, Showtime, Comedy Central, MTV, Nickelodeon, and Pluto TV.

It’s quite amazing for a media conglomerate that hosted the Super Bowl, featured a mediocre but wildly famous popstar in the stands every few seconds, and managed to distract several nations from a genocide happening in Gaza, couldn’t hold on to 800 people.

You run all that cover and you still find a way to just be terrible to your own people.

Well, at least Jon Stewart’s hosting The Daily Show again.

Source: Engadget

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By MajorLinux Editor-in-chief
Marcus Summers is a Linux system administrator by trade. He has been working with Linux for nearly 15 years and has become a fan of open source ideals. He self identifies as a socialist and believes that the world's information should be free for all.
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