'Paramount CEO Announces Layoffs As Cost Pressures, Take-private Talks Build' - CNBC
Portfolio Pulse from Benzinga Newsdesk
Paramount CEO Bob Bakish announced layoffs at the company, aiming to operate more leanly and manage costs effectively. The exact number of layoffs was not disclosed. Paramount is also reducing international content spending. The company will report quarterly earnings at the end of February and will provide more details on its 2024 strategy. This news comes amidst industry-wide layoffs and reports of Skydance Media's interest in taking Paramount private.
January 25, 2024 | 6:35 pm
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Paramount, under CEO Bob Bakish, is reducing its workforce and international content spending to drive earnings growth. The company will elaborate on its strategy in the upcoming earnings report.
The announcement of layoffs and cost reductions typically indicates a company's immediate focus on improving profitability, which can be viewed negatively by the market in the short term due to the potential impact on morale and productivity. However, the lack of details on the size of the layoffs and the context of a potential take-private deal could lead to uncertainty and volatility in the stock price.
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