Australian job losses confirmed as Paramount Global swings the axe
The memo does not say exactly how many positions will be cut.
Following news that Paramount Global would be laying off a reported 800 workers, it was confirmed on Thursday that the cuts will extend to the Australian arm of the business.
A memo from Paramount Global’s president, broadcast & studios, international markets, Pam Kaufman, reads "In order to drive earnings growth in 2024, we have had to make some tough but necessary decisions to ensure we continue growing our 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."
After thanking those who will be impacted by the move, the memo concludes "While this is a difficult moment, I want to emphasize 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 memo does not say exactly how many positions will be cut.
The news follows on from Wednesday's company-wide memo from chief executive officer Bob Bakish, who initially broke the news that as "part of streamlining costs" there would be redundancies made throughout the global business.
"To those with whom we are parting ways, we are incredibly grateful for your hard work and dedication. Your talents have helped us advance our mission of unleashing the power of content around the world. We are a better company because of you," he added.
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The confirmation of Australian redundancies comes a day after Network Ten agreed to cover Lisa Wilkinson‘s legal costs incurred during the defamation lawsuit brought by Bruce Lehrmann.
Whilst Lehrmann has been suing the Network and Wilkinson for defamation following an interview with Brittany Higgins on The Project, Wilkinson and Ten had been facing off separately regarding who would pay her legal fees from the trial.
Before the defamation hearing began, Wilkinson’s fees were over $700,000. Today, the fees are predicted to be over $1 million.
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Top Image: Bob Bakish
