Paramount CEO Bob Bakish revealed staff reductions at the media organization on Thursday, emphasizing the necessity to “operate with increased efficiency and reduced expenditures.”
Bakish acknowledged the challenges facing the company, including a soft market, economic volatility, and disruptions caused by strikes from Hollywood writers and actors during the summer, which impacted studio production.
Addressing the ongoing speculation surrounding Paramount, Bakish emphasized the importance of focusing on controllable elements, particularly execution, amid industry changes. Paramount’s commitment lies in adapting to current realities while leveraging successful strategies to navigate the evolving landscape.
In a communication to employees, Bakish outlined the company’s primary objective as achieving earnings growth. This entails a focus on expanding revenue streams while meticulously managing costs, requiring alignment across every team, division, and brand within the organization.
The memo further highlighted the intention to enhance the shared services model to streamline operations, a strategy that has resulted in a global reduction in the workforce over recent years. Specific figures regarding the number of job cuts were not immediately disclosed by Paramount. Additionally, plans include a decrease in international content spending.
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