Although Tremendous Bowl LVIII was the most-viewed single broadcast for the reason that 1969 moon touchdown, the large sport’s community is shedding a whole bunch of workers simply days after the smash scores success.

Paramount, the mum or dad firm of CBS, Nickelodeon, MTV, and extra, is shedding 3% of its international workforce (roughly 800 workers) to “return the corporate to earnings progress,” as streaming platforms proceed to dominate leisure programming.

The workers will likely be lower throughout all divisions, together with CBS, Paramount Photos, Paramount+, and Nickelodeon — all of which streamed Tremendous Bowl LVIII.

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Staff discovered in regards to the cuts through an inside memo from Paramount CEO Bob Bakish, which was obtained by the New York Instances.

“Whereas I understand these adjustments are on no account simple, as I mentioned final month, I’m assured that is the precise resolution for our future,” Bakish wrote. “These changes will assist allow us to construct on our momentum and execute our strategic imaginative and prescient for the yr forward — and I firmly consider we have now a lot to be enthusiastic about.”

U.S. workers who have been terminated have been knowledgeable by the top of the day yesterday although worldwide workers could discover out within the coming days as a consequence of completely different legalities in every nation.

^{Bob Bakish, president and chief govt officer of Paramount International, attends the Allen & Co. Media and Expertise Convention in Solar Valley, Idaho, US, on Tuesday, July 11, 2023. David Paul Morris/Bloomberg | Getty Photos}

He additionally famous that Sunday’s huge sport was a “blockbuster occasion” for the corporate that “showcased the total energy of Paramount,” regardless of months of rumored acquisition bids and a reported potential merger with Warner Bros. Discovery.

“To these with whom we’re parting methods, we’re extremely grateful on your laborious work and dedication,” Bakish wrote. “Your abilities have helped us advance our mission of unleashing the ability of content material around the globe. We’re a greater firm due to you.”

Paramount had a powerful Q3 of 2023, with income rising 38% year-over-year. Paramount+ added 2.7 million subscribers that quarter. Total revenue additionally rose, from $295 million in comparison with $231 million on the similar time final yr.

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“We proceed to execute our technique and prioritize prudent funding in streaming whereas maximizing the earnings of our conventional enterprise,” Bakish mentioned in an earnings launch on the time. “Trying forward, we stay on the trail to reaching important whole firm earnings progress in 2024.”

Paramount is anticipated to report This fall 2023 earnings on February 28.

The media firm was down simply over 41% yr over yr as of Wednesday afternoon.