Paramount, the owner of TV networks like Nickelodeon, MTV and Comedy Central, is laying off hundreds of employees, cutting costs as it continues its painful transition away from traditional television.
About 3 percent of the company’s roughly 24,500 employees will be affected by the layoffs, according to a person familiar with the cuts, who spoke on condition of anonymity to discuss sensitive corporate information.
Bob Bakish, Paramount’s chief executive, said in a memo to employees that the cuts were part of a bid to “return the company to earnings growth.”
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