Paramount Global is reportedly set to eliminate hundreds of jobs next month as sale rumours continue to stir around the US media company.
The media company is targeting 800 jobs cuts across the breadth of the company, according to a report in Deadline, in a bid t cut costs.
This isn’t the first time Paramount Global has made deep cuts over the past 18 months, as it has dealt with a lagging share price, and a more competitive market.
The company has implemented several rounds of lay-offs and restructured several departments since the fall of 2022, including integrating the Showtime brand into Paramount+ across both streaming and linear in the US.
Paramount has also merged the Showtime and MTV Entertainment Studios teams and cut around 25% of staff in its US-based cable networks.
The layoffs is rumored to be implemented in February, according to the Deadline. Many companies are reportedly interested in buying the media company.
Apollo Global Management is among the companies that have reportedly contacted the investment bank advising NAI, BDT & MSD Partners; there also have been rumored overtures from Skydance Media and RedBird Capital.
