Paramount Global (NASDAQ:PARA) layoffs are coming for the media company, but employees don’t know who is affected just yet.
The layoffs were announced by Paramount Global CEO Bob Bakish in a memo to employees. However, the company leader didn’t say how many job cuts were going to happen.
What we do know is that Bakish is seeking to reduce the media company’s headcount to create a leaner company that spends less. That will see it focus on maximizing content, improving streaming profitability and unlocking the potential of One Paramount.
Here’s a portion of what Bakish said to employees in the memo obtained by Deadline:
“These decisions are never easy, but are essential on our path to earnings growth. We will continue to be as thoughtful as we can be, communicate when there is information to share and support our teams throughout.”
Paramount Layoffs Come Amid Take Private Talks
The news of Paramount Global cutting jobs comes shortly after reports broke of a deal to take the company private. These reports claim that David Ellison’s Skydance Media is seeking to acquire the company.
Additionally, several other companies in the media market have announced layoffs recently. This comes amid a tough economy that has consumers not paying as much mind to media as in former years. Part of this comes from increased inflation and interest rates.
PARA stock is down slightly as of Friday morning.
Investors looking for more of the latest stock market stories are in luck!
We’re offering coverage of all the most recent stock happenings on Friday! That includes other layoffs news worth noting. Among those are Salesforce (NYSE:CRM) and Levi Strauss (NYSE:LEVI) layoffs announced today. You can learn more about these and other matters below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
