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(The Hill) – Paramount Global, the parent company of CBS, is planning to cut hundreds of jobs just days after airing the most-watched Super Bowl in history, according to Tuesday reports.
The job cuts will result in a reduction of the company’s workforce by about 3 percent, The Guardian reported, noting staff had been notified on the decision on Tuesday.
“To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication,” Bob Bakish, Paramount’s top executive wrote in an internal memo obtained by the outlet. “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.”
New of the cutbacks at the media giant came just hours after the network announced a record 123.4 million people watched Super Bowl LVIII on Sunday on CBS, Paramount+, Nickelodeon, Univision and CBS Sports.
Super Bowl Sunday’s big ratings win also came a week after the Grammys on CBS, which brought in 17 million viewers, a 30 percent increase from the previous year.
Paramount is just the latest in a slew of major media outlets that have made deep cuts to staff in recent months as companies face a tough advertising market, changing consumer habits and other economic hardship.