Paramount slashes staff, jobs to go at Network Ten

International media giant Paramount will shed hundreds of jobs across its global operations, with several positions to be cut from its primary Australian asset, Network Ten.

Bob Bakish is slated to become chief executive of ViacomCBS Inc. Photo: Kyle Grillot/Bloomberg news

International media giant Paramount will shed 800 jobs across its global operations, with numerous positions to be cut from its primary Australian asset, Network Ten.

The job cuts were flagged earlier this week, with Paramount chief executive officer Bob Bakish warning on Wednesday that the company’s cost-cutting would mean “saying goodbye to some of our very valued colleagues across Paramount.”

On Thursday, the company sent an email to staff, confirming that the process of cutting jobs was underway.

The Australian understands that several staff at Ten will be let go, but the network’s news division is unlikely to be impacted.

A Paramount spokesperson said the redundancy measures were “tough but necessary”.

“Paramount is focused on driving earnings growth in 2024. As we continue to deliver our strategy in Australia – which is a critical and priority market for Paramount — we have had to make some tough but necessary decisions to ensure we continue to grow our revenue while streamlining operations and reducing costs.”

Pam Kaufman, Paramount’s president and CEO of international markets, said in a statement: “While this is a difficult moment, I want to emphasise that I believe in our global strategy, and I am confident that the Paramount Australia team will continue to drive the business forward to meet our goals across this critical and priority market.”

The job cuts come as rumours continue to swirl about a possible merger between Paramount and Warner Bros Discovery.