Paramount Announces Layoffs Amid Cost Pressures and Acquisition Speculations

CEO Bob Bakish Outlines Strategy for 2024, Focusing on Earnings Growth and Streamlining Operations

Paramount Global CEO Bob Bakish announced substantial layoffs in a bid to operate as a leaner company and manage costs, amid a soft ad market, a volatile economy, and strikes by writers and actors.
David Ellison's Skydance Media is reportedly exploring the acquisition of Paramount Global, with the potential of taking the company private.
Paramount plans to reduce international content spending and focus on maximizing the impact of its content globally, producing fewer local, international originals.
The company is also pushing towards profitability in its streaming operations, leaning further into large markets like the US, UK, Canada, and Australia.
Paramount is set to elaborate on its cost-cutting strategy during its quarterly earnings report at the end of February.