The owner of CBS is laying off 800 employees, just two days after its broadcast of Super Bowl LVIII became the most-watched TV program in history.
Paramount Global informed staff on Tuesday of its decision to reduce its global workforce by about 3%.
Bob Bakish, the media giant’s CEO, announced the move hours after CBS revealed that its broadcast of Kansas City’s overtime triumph over San Francisco averaged 123.4 million viewers across television and streaming platforms on Sunday.
“While I realize these changes are in no way easy … I am confident this is the right decision for our future,” Bakish wrote in an internal memo, obtained by outlets including Variety. “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.”
Paramount Global did not respond to an invitation to comment on the cuts. The company owns the Paramount Pictures movie studio; TV networks including Comedy Central, MTV, Nickelodeon and Britain’s Channel 5; and the Paramount+ and Pluto streaming platforms.
In recent months the firm, which is home to film franchises such as Top Gun and Mission: Impossible, as well as the hit television show Yellowstone, has been clear it planned to focus on its biggest global hits – and less on local originals.
Paramount Global had about 24,500 full-time and part-time employees across 37 countries and some 5,800 project-based staff on its payroll at the end of 2022, according to a regulatory filing.
Reuters contributed reporting