Paramount Eyes “Meaningful And Sizable” Cost Cuts, With Possible Restructuring Charge In Q4

deadline.com:

Paramount Global is planning for “meaningful and sizeable” cost cuts in the coming months as it looks to balance streaming investments with declining pay-TV operations.

CFO Naveen Chopra also said there was the possibility of a restructuring charge landing the fourth quarter, as Paramount wrestles with the global downturn in the ad market and a turbulent global economy.

Chopra and CEO Bob Bakish, speaking during a conference call with analysts after the company posted weaker-than-expected financial results for the third quarter, did not offer any specific estimate of the extent of the reductions.

Bakish said Paramount is contending with “a complex environment and economic period.” In response, he said, the company is “taking aggressive, precise actions to gain additional efficiency across our cable networks, streaming platforms, advertising sales, marketing and global operations.