10 has confirmed jobs will go in Australia as part of a global cutback at Paramount, whose streaming content business is growing fast but with advertising revenue falling in a soft market.
The media group is laying off about 3% of its staff, around 800 globally, according to a leaked memo from CEO Bob Bakish.
In Australia, those being made redundant will get a letter by close of business today.
Television has had a tough year in Australia with the advertising market down 11% in the year to December.
“Paramount is focused on driving earnings growth in 2024,” a Paramount spokesman in Australia said.
”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.
“Some employees will leave the business, and to those colleagues we would like to express our sincere thanks for their hard work, dedication and professionalism. We will be supporting all colleagues impacted during this period.”
Pam Kaufman, CEO of International Markets at Paramount, told staff in an email the company has had to make tough decisions to continue growing revenue while streamlining operations and reducing costs.
"Unfortunately, this includes parting ways with some of our respected colleagues across the Australian business, who will be notified by close of business today," she said.
"I would like to take a moment to thank all those who will be impacted. Your important contributions to our organization have strengthened our business, and we are grateful for your dedication. These decisions are never easy. I know the changes will be felt across the region, and I encourage you to support one another as we navigate this next phase of our evolution.
"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."
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