Paramount Global Laying Off 800 Employees as CEO Bakish Cites Need to Cut Costs
variety.com
Paramount Global, amid a swirl of M&A discussions, is laying off about 800 employees worldwide — an estimated 3% of its headcount — as it looks to trim costs.
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For the third quarter of 2023, Paramount Global’s revenue rose 3% thanks to its growth in its streaming and film businesses — but revenue in its largest division, linear TV, fell 8% as sales of traditional television advertising continued to contract (declining 14% in the quarter).
I bet they could cut costs even more by canning the CEO
He made $32 million in 2022. That'd pay for 800 employees making $40k.
A short term cash grab because the capitalists know they're destroying the future.
Really miss the trend of a CEO getting the same pay as their lowest paid employee.
When was this a thing?
Ancient Babylonia
Whew! It's a good thing we didn't raise their Taxes or Minimum Wage!