On the heels of hosting the Super Bowl that became the most watched television program of all time, Paramount Global is laying off hundreds of employees.
An estimated 800 people at the parent company of CBS, Nickelodeon, MTV and Comedy Central, are set to be laid off Tuesday, according to multiple reports. That’s approximately 3% of the company’s workforce.
Paramount Global declined to comment on the matter.
While the Super Bowl was a rousing success, Paramount as a whole has faced a bumpy road of late. The company’s streaming division lost over $1 billion in 2023 and viewership at its cable networks has suffered as well.
At the same time, the company is facing a $14.3 billion takeover offer from media mogul Byron Allen and has had discussions about combining with Warner Bros.
While the timing is awkward following the successful weekend, Paramount had warned of impending cuts last month, when CEO Bob Bakish told employees the company needed to “operate as a leaner company and spend less”.
The company hopes that these cuts will help it achieve earnings growth once again.
“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,” Bakish wrote in a memo to employees obtained by Fortune. “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.”
Paramount Global, before the cuts, employed approximately 24,500 people. Those affected by the moves will be informed Tuesday.
“To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication,” Bakish wrote. “Your talents have helped us advance our mission of unleashing the power of content around the world. We are a better company because of you.”