Paramount Global plans to cut 800 jobs (3% of workforce) amid the shift from traditional TV to streaming services.

Paramount Global is laying off approximately 800 employees, or 3% of its workforce, according to an internal memo from CEO Bob Bakish. The cuts come as the company seeks to boost profits amidst shifting viewer habits and economic uncertainties. Paramount+, the company's online TV service, is not currently profitable, and attendance at movie theaters has not fully recovered to pre-pandemic levels.

February 13, 2024
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