Network 10 staff have been warned that job cuts are coming as its international media parent company reduces positions around the world to optimize costs.
Paramount Global, owner of the embattled network, sent an email to all staff on Wednesday from CEO Bob Bakish informing them of the upcoming job losses.
The email did not indicate how many jobs would be eliminated, but The Australian understands that the company will eliminate hundreds of positions around the world.
In the email, Bakish said the top priority in 2024 is getting back to “revenue growth.”
“This will require us to continue to increase revenue while reducing costs,” he wrote.
Channel Ten’s parent company Paramount today sent out an email notifying staff of upcoming job losses around the world. It is unknown how many cuts will be made in Australia
It is unknown how many job cuts will be made. Pictured are The Project presenters with Liz Elllis.
“And unfortunately, part of the cost rationalization means that today we will begin the difficult process of saying goodbye to some of our very valued colleagues at Paramount.”
Bakish said employees outside its US headquarters would also be affected.
“Those 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 issued.
Her role also includes chief content officer and head of Paramount Plus.
The announcement of the cuts comes as the legal dispute between journalist Lisa Wilkinson and her employer, Channel Ten, played out in the Federal Court this week.
The case relates to defamation action brought by former Liberal staffer Bruce Lehrmann against 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 he later split with media mogul Lachlan Murdoch.
It turned out that it was not enough to help the network, and Ten fell into administration in 2017.
It is understood that Network Ten executive vice president Beverley McGarvey (pictured) has not yet sent any follow-up emails or information to Channel 10 staff members.
That same year, the network was purchased by American television giant CBS, 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.
Bakish encouraged staff to take time 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.