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Paramount Global Lays Off Nearly 800 Employees Following Record Setting Superbowl Ratings

As reported by CNBC, in a recent development, Paramount Global has announced that it will lay off about 800 employees, which accounts for an estimated 3% of its workforce. The decision comes just one day after CBS announced that it had recorded a record Super Bowl viewership. Paramount Global owns a variety of assets, including CBS, Paramount Pictures, Pluto TV, and cable networks such as Nickelodeon, BET, and Comedy Central. The company has been considering merger and acquisition options, and has held early talks with Skydance Media and Warner Bros. Discovery in recent months, according to CNBC

Affected workers will be notified Tuesday, Bakish said in the note.

"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," Bakish wrote in the note.

This news was not entirely unexpected as the media company had warned employees of impending cuts in a Jan. 25 internal memo. Bob Bakish, the CEO of Paramount Global, had said at the time that the company needs to "operate as a leaner company and spend less." The cuts come at a time when the company's Paramount+ streaming service continues to lose money each quarter. In the third quarter alone, the platform lost $238 million, and the company is set to report fourth-quarter earnings on Feb. 28.

Interestingly, CBS charged a record high average of $6.5 million for every 30-second advertisement during the Super Bowl 58. The game was watched by an estimated 123.4 million people across all platforms, making it the most-watched television show in history.

According to the research company Guideline, the network earned tens of millions in additional revenue due to the game between the Kansas City Chiefs and the San Francisco 49ers going into overtime. Despite this, Paramount shares fell about 4% in morning trading Tuesday. 

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