Network Ten staff to lose jobs after owner Paramount Global make cuts worldwide
Staff at Network Ten are facing a round of job cuts. Employees in Australia were notified many roles would face the axe, with hundreds to be cut worldwide.
Paramount Global — the owner of Network 10 — has announced that it will be axing Australian staff in a bid to cut costs.
On Wednesday, the international media company’s chief executive officer Bob Bakish sent an email to all staff notifying them of upcoming job losses, but stopped short of saying how many positions would be cut.
But The Australian understands the company will cut hundreds of jobs worldwide.
In the email correspondence seen by The Australian, Mr Bakish said “returning our company to earning growth is a top priority in 2024.
“This will require us to continue to grow revenue, while reducing costs.
“And unfortunately, part of streamlining costs means that today, we will begin the difficult process of saying goodbye to some of our very valued colleagues across Paramount.”
Ten’s Australian operations are headed by Beverley McGarvey who is executive vice president, chief content officer and head of Paramount+, and Jarrod Villani, executive vice president, chief operating and commercial officer and regional lead.
A Network Ten spokeswoman has been contacted for comment.
In recent weeks there have been reports of talks between Paramount and Warner Bros Discovery about a potential merger.
The job cuts announcement by Mr Bakish also arrived in the inboxes of staff as the legal dispute between former Project co-host Lisa Wilkinson and her employer, Ten, unfolds in the Federal Court. That matter relates to the defamation action taken by former Liberal staffer Bruce Lehrmann against Ten and Wilkinson.
In the email to staff, Mr Bakish said employees outside of the US would also be impacted but no email from Network Ten’s Australian-based management has been sent to staff.
“There will also be impacts in some of our offices based outside the US,” Mr Bakish wrote.
“Those notifications will occur over time in line with our local legal obligations in each of the countries where we operate.”
He urged staff to “take time this week to support one another.”
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