Paramount Global prepares for new layoffs - Yahoo Sports

Paramount Global is reportedly planning to lay off hundreds of employees in February, with senior executives given reduction targets to hit.

Paramount Global is reportedly moving forward with significant staff reductions in February, impacting hundreds of employees across the entire company. While there has been speculation about the extent of these layoffs, sources indicate that the cuts will affect virtually every division. Senior executives have been given reduction targets to hit as the company looks to rein in costs.

The layoffs are expected to be implemented in February, with a potential target date of February 13th. According to sources, impacted employees may be asked to leave quickly after being notified, possibly within three days. This swift departure is not unprecedented, as similar short windows were given to laid-off Paramount employees during previous rounds of cuts.

This latest wave of layoffs comes after multiple rounds of cuts over the past 14 months, impacting various divisions within Paramount Global. The company has faced challenges related to pay-TV cord-cutting, a soft ad market, a loss-producing streaming operation, and volatility in the movie business. Amid these challenges, National Amusements, Inc., the majority owner of voting shares in Paramount Global, has reportedly been fielding acquisition offers from companies such as Apollo Global Management, Skydance Media, and RedBird Capital.

The future of Paramount Global remains uncertain as the company continues to navigate these challenges. Despite recently scoring a hit with Mean Girls, the company's stock is now worth less than half of what it was when the Viacom and CBS merger closed in 2019. As the industry continues to evolve, Paramount Global is facing significant changes that will undoubtedly impact its workforce and operations.