Paramount, the owner of TV networks like Nickelodeon, MTV and Comedy Central, is laying off hundreds of employees, cutting costs as it continues its painful transition away from traditional television.
About 3 percent of the company’s roughly 24,500 employees will be affected by the layoffs, according to a person familiar with the cuts, who spoke on condition of anonymity to discuss sensitive corporate information.
Bob Bakish, Paramount’s chief executive, said in a memo to employees that the cuts were part of a bid to “return the company to earnings growth.”“While I realize these changes are in no way easy, as I said last month, I am confident this is the right decision for our future,” Mr. Bakish wrote.
“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.”
Persons:
Bob Bakish, “, ” Mr, Bakish, —, ”
Organizations:
Paramount, Nickelodeon, MTV, Comedy