Paramount Global slashing 800 workers to cut costs and return to earnings [Video]

Paramount Global announced on Tuesday that it will lay off about 800 employees, according to reports, just two days after its asset CBS Sports recorded the most-watched telecast of all time with its broadcast of Super Bowl LVIII between the Kansas City Chiefs and San Francisco 49ers.

CEO Bob Bakish informed employees in a memo on Tuesday seen by Reuters and Variety, that its workforce will be shaved as the media company looks to cut costs and return to earnings growth this year. Sources familiar with the plans say roughly 3% of the workforce will be cut.

The media industry has been grappling with the changing landscape of streaming gaining dominance over traditional television and the impact of the Hollywood strikes last year. A soft advertising market and economic uncertainties have added to the pressure.

PARAMOUNT, WARNER BROS DISCOVERY DISCUSS MERGER; WOULD CONSOLIDATE STREAMING SERVICES

U.S. employees who face the exit door are being notified …