Paramount Global Plans To Lay Off 3.5% Of US Workforce

(RTTNews) - Tuesday, Paramount Global (PARA) is planning to reduce its U.S. workforce by 3.5 percent as it deals with a decline in cable TV subscribers, according to an internal memo seen by CNBC.

The decision was communicated to the company's staff through an internal memo, which came from the office of three co-CEOs -George Cheeks, Chris McCarthy and Brian Robbins.

"We are taking the hard, but necessary steps to further streamline our organization starting this week," the CEOs stated 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."

The memo further hinted that the layoff impact could be seen in workforce outside the U.S. also.

The latest round of cutoffs comes as the entertainment company is waiting for regulatory approval regarding its proposed merger with Skydance Media.

In the pre-market hours, PARA is moving down 0.42 percent, to $11.95 on the Nasdaq.