Get All Access for $5/mo

Paramount Is Laying Off Hundreds of Employees Just Days After 'Blockbuster' Super Bowl LVIII Success Roughly 800 employees will be terminated across the media conglomerate's networks.

By Emily Rella

Opinions expressed by Entrepreneur contributors are their own.

Though Super Bowl LVIII was the most-viewed single broadcast since the 1969 moon landing, the big game's network is laying off hundreds of employees just days after the smash ratings success.

Paramount, the parent company of CBS, Nickelodeon, MTV, and more, is laying off 3% of its global workforce (roughly 800 employees) to "return the company to earnings growth," as streaming platforms continue to dominate entertainment programming.

The employees will be cut across all divisions, including CBS, Paramount Pictures, Paramount+, and Nickelodeon — all of which streamed Super Bowl LVIII.

Related: Warner Bros. and Paramount Just Met to Discuss a Possible Mega Merger

Employees found out about the cuts via an internal memo from Paramount CEO Bob Bakish, which was obtained by the New York Times.

"While I realize these changes are in no way easy, as I said last month, I am confident this is the right decision for our future," Bakish wrote. "These adjustments will help enable us to build on our momentum and execute our strategic vision for the year ahead — and I firmly believe we have much to be excited about."

U.S. employees who were terminated were informed by the end of the day yesterday though international employees may find out in the coming days due to different legalities in each country.

Bob Bakish, president and chief executive officer of Paramount Global, attends the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, US, on Tuesday, July 11, 2023. David Paul Morris/Bloomberg | Getty Images

He also noted that Sunday's big game was a "blockbuster event" for the company that "showcased the full power of Paramount," despite months of rumored acquisition bids and a reported potential merger with Warner Bros. Discovery.

"To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication," Bakish wrote. "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."

Paramount had a strong Q3 of 2023, with revenue growing 38% year-over-year. Paramount+ added 2.7 million subscribers that quarter. Overall profit also rose, from $295 million compared to $231 million at the same time last year.

Related: ViacomCBS, Now Paramount, Overhauls Its Streaming Strategy

"We continue to execute our strategy and prioritize prudent investment in streaming while maximizing the earnings of our traditional business," Bakish said in an earnings release at the time. "Looking ahead, we remain on the path to achieving significant total company earnings growth in 2024."

Paramount is expected to report Q4 2023 earnings on February 28.

The media company was down just over 41% year over year as of Wednesday afternoon.

Emily Rella

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Side Hustle

'Hustling Every Day': These Friends Started a Side Hustle With $2,500 Each — It 'Snowballed' to Over $500,000 and Became a Multimillion-Dollar Brand

Paris Emily Nicholson and Saskia Teje Jenkins had a 2020 brainstorm session that led to a lucrative business.

Business News

Meta Makes $1 Million Dollar Donation to Donald Trump's Inaugural Fund

Meta CEO Mark Zuckerberg also reportedly gave Trump a pair of Ray-Ban Meta smart glasses.

Business News

'I'm Not Trying to Land on Mars': Mark Cuban Takes Dig at Elon Musk to Explain Why His Online Pharmacy Isn't Trying to Make More Money

Mark Cuban Cost Plus Drug Co. is an online pharmacy co-founded by Cuban and radiologist Alex Oshmyansky.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

'It's Not About You': How to Fire Someone Effectively, According to Kevin O'Leary

O'Leary says that if you can't fire someone, you aren't the right leader for the organization.

Starting a Business

They Bought an Ice Cream Truck Off eBay for $5,000. Now Their Company Has 70 Shops and Sells Treats in Over 12,000 Stores.

For the episode of "The Founder CEO," the co-founder and CEO of Van Leeuwen Ice Cream explains how one ice cream truck grew into a successful nationwide brand.