Global Paramount to Cut Ten Jobs in Redundancy Measures
Paramount says Australian workers at Network 10 will be among the 800 jobs to be cut as the American entertainment giant looks to save cash amid takeover talks.
Paramount Global chief executive Bob Bakish informed staff in the US earlier this week of the cuts, which he said were necessary to maintain profit growth. News of the job losses came the day after the company’s US television network CBS broadcast the NFL Super Bowl to a record audience.
Paramount owns Network 10 in Australia.Credit: Lester Ranby
An internal memo shared with staff in Australia on Thursday morning by Pam Kaufman, president and chief executive of Paramount’s international markets, confirmed the local impact, with affected workers to be notified by the close of business.
“As Bob shared earlier this week, in order to drive earnings growth in 2024, we have had to make some tough but necessary decisions to ensure we continue growing our revenue while streamlining operations and reducing costs,” the memo, seen by this masthead, said.
“I would like to take a moment to thank all those who will be impacted. Your important contributions to our organisation have strengthened our business, and we are grateful for your dedication. These decisions are never easy. I know the changes will be felt across the region, and I encourage you to support one another as we navigate this next phase of our evolution.”
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Paramount has been at the centre of multiple takeover talks in recent months, with American media baron Byron Allen making an official approach worth about $22 billion in January, while Bakish discussed a potential merger with Warner Bros Discovery chief David Zaslav in December.
While the global extent of the cuts will be around 800 jobs, the impact in Australia will be minimal, said a local Paramount source speaking anonymously due to the sensitivity of the decision and the fact that affected workers were yet to be notified. The job losses aren’t expected to extend to editorial staff.
“While this is a difficult moment, I want to emphasise that I believe in our global strategy, and I am confident that the Paramount Australia team will continue to drive the business forward to meet our goals across this critical and priority market,” Kaufman said.
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