Two days after Super Bowl LVIII brought in the highest ratings in the game’s history, Paramount Global said it had started laying off U.S. employees.

On Tuesday, Paramount CEO Bob Bakish sent a memo to staff announcing “adjustments” that “will help enable us to build on our momentum and execute our strategic vision for the year ahead.”

What You Need To Know

  • Paramount Global began laying off an undisclosed number of U.S. employees Tuesday

  • CEO Bob Bakish informed staff in a memo

  • Bakish said "adjustments" to staff levels "will help enable us to build on our momentum and execute our strategic vision for the year ahead."

  • The layoff follows through on cutbacks Bakish first announced in January

The staff reduction follows through on cutbacks Bakish first announced in January. All affected staff will be informed by the end of Tuesday. According to the entertainment website Deadline.com, the layoff could include as many as 800 employees — about 3% of the company’s workforce, which employs people in 37 countries.

The layoff at Paramount is the latest in a string of staff reductions to hit the entertainment industry as 2024 begins. In January, YouTube laid off 100 employees from its operations and creator management divisions. Warner Music Group and Universal Music Group also announced layoffs.

“To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication,” Bakish said in his staff memo. “Your talents have helped us advance our mission of unleashing the power of content around the world.”

That content could soon be provided through a new owner. Paramount Global, which owns CBS, Paramount Pictures and cable networks including Comedy Central and Nickelodeon, is reportedly on the market as the company’s controlling shareholder, Shari Redstone, seeks a buyer.