Layoffs: Paramount Global, which owns CBS, to lay off 800 employees after record Super Bowl ad revenue and ratings [Video]

Paramount Global, the owner of broadcast and cable TV networks, announced Tuesday it will lay off hundreds of staffers as the media giant looks to reduce costs and grow revenue. The news comes just days after its CBS network saw record-breaking advertising sales and the highest-rated telecast for the Super Bowl.

The company’s chief executive, Bob Bakish, announced the layoffs in a memo to employees Tuesday obtained by CNN. While Bakish did not specify the number of layoffs, sources familiar with the matter told CNN around 800 employees, or roughly 3% cut of the company’s workforce, will be affected. The announcement follows a January 25 memo in which Bakish warned that Paramount Global would “reduce our workforce globally” as part of “our path to earnings growth.”

The cuts will impact staffers around the world, with those in the US being notified by the end of business Tuesday, Bakish wrote.