Paramount (NASDAQ:PARA) shares tail off in the first hour Friday amid reports of reductions to its workforce.
CEO Bob Bakish announced layoffs at the media company Thursday, citing a need to “operate as a leaner company and spend less.”
“Our priority is to drive earnings growth. And we’ll get there by growing our revenue while closely managing costs — a balance that will require every team, division and brand to be aligned,” Bakish said in a memo to employees.
“Where possible, we’ll look to expand our shared services model as we streamline operations. As it has over the past few years, this does mean we will continue to reduce our workforce globally,” he added.
Paramount did not immediately disclose how many jobs the company would cut. It also plans to reduce international content spending, Bakish said in the memo.
The company reports quarterly earnings at the end of February and plans to elaborate on its 2024 strategy then.
The cuts come as a range of companies in the media industry and beyond announce layoffs while they push to trim costs. The Los Angeles Times, Business Insider and Sports Illustrated, among others, have cut jobs in recent days in a tumultuous stretch for media.
The layoffs also come as David Ellison’s Skydance Media explores a deal to take Paramount private.
PARA shares handed back eight cents to $13.88.