As cost pressures mount, Paramount CEO reveals layoffs while take-private talks intensify.

• Paramount CEO Bob Bakish announced layoffs at the media company.
• He did not disclose how many jobs the company would cut.
• Amid layoffs at various media companies and a CNBC report that David Ellison's Skydance Media is considering acquiring Paramount, job reductions have been announced.

On Thursday, CEO Bob Bakish announced layoffs at the media company, stating the need to "run more efficiently and cut costs."

To achieve earnings growth, we will focus on increasing revenue while carefully controlling costs. This will necessitate the cooperation of every team, division, and brand, as a delicate equilibrium must be maintained.

We will explore the possibility of expanding our shared services model while simplifying operations. This may result in a reduction of our global workforce, as we have done in the past few years.

Paramount did not reveal the number of jobs it would cut, and it also plans to reduce international content spending, according to a memo from CEO Tom Bakish.

The company will disclose its quarterly earnings in February and reveal its 2024 strategy at that time.

In recent days, several companies in the media industry, including The Los Angeles Times, Business Insider, and Sports Illustrated, have announced layoffs as they strive to reduce expenses.

David Ellison's Skydance Media is exploring a deal to take Paramount private, which may result in layoffs, according to CNBC's report on Wednesday.

Paramount is facing challenges such as a soft market, economic volatility, and strikes by Hollywood writers and actors that halted studio production for most of the summer. Bakish hinted at the acquisition rumors surrounding the company.

It's no surprise that Paramount is a topic of speculation amidst all the change in the industry, as we are a storied public company. However, the best thing we can do is focus on what we can control - execution. We should concentrate on what's working and continually adjust to current realities.