Paramount Global is reducing its U.S.-based staff by 3.5%, impacting several hundred employees, as part of the media company's ongoing efforts to navigate the changing landscape of pay-TV and economic challenges.

The company informed its employees about the upcoming layoffs through a memo on Tuesday morning, signed by the CEOs George Cheeks, Chris McCarthy, and Brian Robbins. The majority of affected staff will receive notifications on the same day.

These job cuts coincide with Paramount's pursuit of regulatory approval for its planned merger with Skydance Media. Last June, the CEOs had outlined a strategic plan that involved workforce reductions and cost-saving measures. By August, Paramount had already started downsizing its U.S.-based employees by 15%.

According to the memo, there is a possibility of workforce impacts outside the U.S. in the future as well. The CEOs expressed gratitude for the hard work and contributions of their employees, emphasizing that these changes are essential to adapt to the current operating environment and position Paramount for future success.

Recent weeks have seen layoffs throughout the media industry, with Disney and Warner Bros. Discovery also reportedly implementing staff reductions. Prior to the recent cuts, Paramount had around 18,600 full- and part-time employees globally as of December, as per regulatory filings.