US media firm Paramount to cut jobs with uncertain takeover

By Ovunc Kutlu

ISTANBUL (AA) - Paramount Global, a US-based mass media and entertainment conglomerate, is considering job cuts amid uncertainty surrounding a potential takeover.

"Where possible, we’ll look to expand our shared services model as we streamline operations. As it has over the past few years, this does mean we will continue to reduce our workforce globally," CEO Bob Bakish said in a memo on Thursday.

"These decisions are never easy, but are essential on our path to earnings growth," he said, adding growth in earnings need "a balance that will require every team, division and brand to be aligned."

Bakish, however, did not provide any information in the memo about the number of employees that will be affected from the planned layoff.

His comments came as American production company Skydance Media explores a deal to take all of Paramount Global private.

Skydance was reported earlier this week to have made an initial offer to American media executive Shari Redstone, chairwoman of Paramount Global, to buy her stake in mass media holding company National Amusements, which controls 77% of Paramount’s voting stock.