Network 10 staff have been informed that job cuts are on the way as their parent company, the international media company, shifts positions globally to streamline costs.
Paramount Global, owner of the controversial network, sent an email to all of CEO Bob Bakish’s staff on Wednesday informing them of the impending job cuts.
The email did not indicate how many jobs would be lost, but… The Australian understands that the company will eliminate hundreds of positions worldwide.
In the email, Mr. Bakish said the top priority in 2024 is seeing a return to “earnings growth.”
“This requires that we continue to increase revenue while reducing costs,” he wrote.
Channel Ten’s parent company, Paramount, today sent an email informing staff of the impending job cuts globally. It is unknown how many cuts will take place in Australia
It is not known how many jobs will be lost. Pictured are presenters from The Project with Liz Elllis
“And unfortunately, part of streamlining costs means that today we will begin the difficult process of saying goodbye to some of our highly valued colleagues at Paramount.”
Mr Bakish said employees outside the US headquarters would also be affected.
“These notifications will occur over time in accordance with our local legal obligations in each of the countries where we operate,” he said.
A follow-up email from Network Ten’s Australian management team, including executive vice-president Beverley McGarvey, has yet to be sent.
Her role also includes Chief Content Officer and head of Paramount Plus.
The announcement of the cuts comes as the legal battle between journalist Lisa Wilkinson and her employer Channel Ten played out in the Federal Court this week.
The case concerns the defamation action brought by former Liberal staffer Bruce Lehrmann against both Ten and Wilkinson.
Network Ten has had several owners over the years.
In 2010, James Packer bought an 18 percent stake, or $244 million, which was later shared with fellow media mogul Lachlan Murdoch.
It turned out not to be enough to help the network, when Ten fell into administration in 2017.
It is understood Network Ten executive vice-president Beverley McGarvey (pictured) has not yet sent any follow-up emails or information to Channel 10 staff
The network was subsequently bought by American television giant CBS in the same year, but just two years later CBS merged with Paramount.
There have recently been reports of talks between Paramount and Warner Bros Discovery to discuss a possible merger between the two media heavyweights.
Mr Bakish encouraged staff to take time out this week to support each other.
Daily Mail Australia has contacted Network Ten for comment.
Paramount CEO Bob Bakish warned staff about the cuts in an email Wednesday