🧵 1. Paramount Global is laying off 800 employees, about 3% of its workforce, following a successful Super Bowl; CEO says it's necessary for future growth. #business
🧵 1. Paramount Global is laying off 800 employees, about 3% of its workforce, following a successful Super Bowl; CEO says it's necessary for future growth. #business
🧵 2. Paramount CEO cites need to operate leaner and spend less; losses in streaming business contributing to financial struggles.
🧵 3. Shares down 13% year-to-date, fall 4% following layoff announcement; company burdened by $15.6 billion debt and $1.8 billion in cash.
🧵 4. M&A rumors swirling around Paramount; media mogul Byron Allen, Skydance Media, RedBird Capital, Apollo Global Management, Warner Bros. Discovery among potential buyers.
🧵 Read more at: https://finance.yahoo.com/news/paramount-lays-off-800-workers-in-cost-cutting-bid-this-is-the-right-decision-163640740.html