OAN’s James Meyers
4:10 PM – Tuesday, February 13, 2024
Paramount Global, the parent company of CBS, laid off 800 people on Tuesday just two days after setting a viewership record for the Super Bowl.
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On Tuesday, CEO Bob Bakish announced the layoffs and unveiled the company’s plan to conduct additional cuts abroad. Those will occur over time.
“Unfortunately, part of streamlining costs means that today, we will begin the difficult process of saying goodbye to some of our very valued colleagues across Paramount,” Bakish wrote in a memo obtained by The Hollywood Reporter. “We will be notifying impacted employees who are based in the U.S. by the close of business today.”
The latest cuts affected 3% of the workforce, according to The Guardian, noting staff were notified about the decision the same day.
“To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication,” Bob Bakish, Paramount’s top executive wrote in an internal memo obtained by the outlet. “Your talents have helped us advance our mission of unleashing the power of content around the world. We are a better company because of you.”
“There will also be impacts in some of our offices based outside the U.S.,” with staff to be notified “over time,” the CEO added.
The massive layoffs caused criticism of Bakish, who pulled in $32 million total in compensation last year despite the company declining financially.
“Everybody in the newsroom is pissed that Bob Bakish is making over $30 million and he’s making these cuts,” one insider fumed.
The most notable layoff was CBS reporter Catherine Herridge. Herridge was fired hours after she reported on how President Biden may have “retained sensitive documents related to specific countries involving his family’s foreign business dealings.”
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