Paramount Global to lay off 800 employees after record Super Bowl ad revenue and ratings

Paramount Global (PARA) will lay off hundreds of employees following a record-setting Super Bowl that garnered more than 123 million viewers across all company platforms, led by CBS.

The job cuts, which will take place Tuesday, will impact about 800 employees, or roughly 3% of Paramount's workforce, sources familiar with the matter told Yahoo Finance.

In an internal memo to employees, Paramount CEO Bob Bakish reiterated his previous comment that layoffs are necessary in order to return the company to earnings growth. "I am confident this is the right decision for our future," he wrote.