Paramount executive Bob Bakish attends the MTV Europe Music Awards (EMA) 2022 at the PSD Bank Dome in Dusseldorf, Germany on November 13, 2022.
Thilo Schmuelgen | Reuters
Supreme CEO Bob Bakish announced layoffs at the media company on Thursday, citing the need to “operate as a more efficient company and spend less.”
“Our priority is to drive profit growth. And we will achieve this by growing our revenue while closely managing costs, a balance that will require all teams, divisions and brands to be aligned,” Bakish said in a memo to employees.
“Where possible, we will look to expand our shared services model as we streamline operations. As has been the case in recent years, this means we will continue to reduce our workforce globally,” he added.
Paramount did not immediately disclose how many jobs the company would eliminate. It also plans to reduce spending on international content, Bakish said in the memo.
The company will report its quarterly earnings at the end of February and plans to craft its 2024 strategy at that time.
The cuts come as a number of companies in the media industry and beyond announce layoffs as they push to cut costs. The Los Angeles Times, Business Insider and Sports Illustrated, among others, have cut jobs in recent days in a tumultuous stretch for the media.
The layoffs also come as David Ellison's Skydance Media explores a deal to take Paramount private, CNBC reported Wednesday.
Bakish acknowledged the challenges facing the company, including a weak market, economic volatility and strikes by Hollywood writers and actors that hampered the studio's production for much of the summer. He seemed to hint at the acquisition rumors circulating around Paramount.
“Amid all this change, it is not surprising that Paramount remains a subject of speculation. We are a historic public company in a closely watched industry,” he said. “But I've always believed that the best thing we can do is focus on what we can control: execution. Leaning on what works, while continually adjusting to current realities.”
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