NEW YORK CITY, New York: Paramount Global is cutting 3.5 percent of its U.S. staff as part of another round of layoffs. The company is struggling because fewer people are watching cable TV.

Reuters saw an internal message to staff explaining the decision.

The memo, written by Paramount’s three co-CEOs, said that some international workers might also be affected in the future. These cuts are in addition to a 15 percent staff reduction made last August.

The media industry is going through significant changes as many people cancel cable subscriptions and switch to streaming platforms like Netflix. The co-CEOs said they are making tough but necessary decisions to make the company more efficient.

As of December 31, 2024, Paramount had 18,600 employees. CNBC was the first to report the news on Tuesday.

Paramount is also trying to merge with Skydance Media in a deal worth US$8.4 billion, but the deal hasn’t been approved yet. U.S. President Donald Trump’s $10 billion lawsuit against CBS News is still pending. He claims the network unfairly edited an interview with then-Vice President Kamala Harris.