Paramount Global is reportedly planning to reduce its workforce by around 3% globally, and informed staff on Tuesday of the job cuts.

Paramount plans to lay off 800 employees, as announced by
Bob Bakish, the company’s chief executive. According to The Guardian, an internal memo to staff reads: “To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication. 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.

“While I realize these changes are in no way easy … I am confident this is the right decision for our future. 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 is the owner of Paramount Pictures, TV networks including Comedy Central, MTV, Nickelodeon and Channel 5 and the Paramount+ and Pluto streaming platforms.

Paramount Global employs about 24,500 full-time and part-time employees across 37 countries. It also had around 5,800 project-based staff on its payroll at the end of 2022, according to a regulatory filing.

The cuts are believed to be due to a fall in cable and satellite TV subscribers to streaming services like Paramount+. Attendance at cinemas has also failed to return to prepandemic levels, putting pressure on the company’s film studio division

Bob Bakish has been restructuring the company, and Paramount has also been selling assets such as its Simon & Schuster book publishing arm to reduce debt.