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Paramount is cutting 800 jobs as it looks to “grow revenue, while reducing costs.”

After rumors about layoffs emerged last month, Paramount CEO Bob Bakish announced that the company is laying off around 3 percent of staff. In a memo obtained by Deadline, Bakish tells employees the Super Bowl was a “blockbuster event” that “showcased the full power of Paramount.”

Despite this, the future of Paramount remains unclear, as Deadline reports that media companies and private equity firms are looking into acquiring “some or all” of the entertainment giant. CNBC reported last year that Warner Bros. Discovery was in talks to merge with Paramount.