Paramount cutting hundreds of jobs, NY Times reports

Paramount is cutting hundreds of jobs, with about 3% of its roughly 24,500 employees being affected by the layoffs, The New York Times’ Benjamin Mullin reports, citing a person familiar with the matter. CEO Bob Bakish said in a memo to employees that the cuts are part of a bid to “return the company to earnings growth.” “While I realize these changes are in no way easy, as I said last month, I am confident this is the right decision for our future,” Bakish wrote. “These adjustments will help enable us to build on our momentum and execute our strategic vision for the year ahead – and I firmly believe we have much to be excited about.”