June 10 (UPI) — Paramount Global is making another cut into its U.S. workforce by 3.5% in the next round of layoffs.
Most of the impacted staff will be notified on Tuesday, according to a memo that came from the offices of the co-CEOs.
“We recognize how difficult this is and are very thankful for everyone’s hard work and contributions. These changes are necessary to address the environment we are operating in and best position Paramount for success,” the CEOs said in the memo.
Last June the CEOs showcased a plan that reduced spending and job cuts. They began reducing its U.S.-based workforce by 15% in August.
“As we navigate the continued industry-wide linear declines and dynamic macro-economic environment, while prioritizing investments in our growing streaming business, we are taking the hard, but necessary steps to further streamline our organization starting this week,” the executives said in the memo. “We recognize how difficult this is and are very thankful for everyone’s hard work and contributions. These changes are necessary to address the environment we are operating in and best position Paramount for success.”
Paramount had roughly 18,600 employees as of December before its recent cuts.
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