The fourth quarter earnings call arrives just weeks after the company announced it will lay off around 750 positions—following the most-watched U.S. telecast of all-time with Super Bowl 58 on CBS.
During the call, Naveen Chopra, CFO of Paramount, addressed the staff reduction.
“We’re also focused on using the collective power of Paramount Global to unlock synergies more broadly,” Chopra said. “This mindset enables headcount cost reductions, including the action we announced earlier this month, which eliminated nearly 750 domestic positions, or about 5% of our domestic employees, and represents approximately $200 million in annualized run rate cost savings; the majority of which will benefit TV, media and corporate expenses. We will continue to optimize our compensation expenses throughout the course of 2024.”
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