Paramount CEO announces layoffs as cost pressures, take-private talks build
Publishing timestamp: 2024-01-25 14:51:25
Summary
Paramount CEO Bob Bakish announced layoffs at the media company, citing the need to operate as a leaner company and reduce costs. The exact number of job cuts was not disclosed. The layoffs come as other media companies, such as Skydance Media, are also considering cost-cutting measures. Paramount plans to reduce international content spending and will provide more details on its 2024 strategy in its quarterly earnings report. The media industry as a whole has been experiencing layoffs and cost-trimming efforts. Bakish acknowledged the challenges facing the company and hinted at acquisition rumors surrounding Paramount.
Sentiment: NEUTRAL
Tickers: PARA,
Keywords: labor economy, paramount global, business news, media, personnel, breaking news: business, business, layoffs,
Source: https://www.cnbc.com/2024/01/25/paramount-ceo-bob-bakish-announces-layoffs.html