Cable TV network and broadcast company Paramount has laid off more than eight hundred workers. The move is said to save costs and increase the company’s dividend. Chief Executive Officer Bob Bakich informed the matter.
Employees of the Paramount Plus division are among the laid off employees.
The company’s revenue grew 3 percent in the third quarter of 2023. However, many are surprised by the layoffs.
Apart from this, the music company Warner Music Group has announced to lay off 10 percent of its total employees.