According to The Hollywood Reporter, Paramount Global continues to cut its U.S. workforce, with its co-CEOs on Tuesday unveiling another reduction by 3.5 percent. The announcement comes after the company had a 15 percent reduction last year. The cuts also come as Paramount waits for the FCC to approve Skydance Media’s deal to acquire it. Co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins (Head of the Class) wrote in a staff memo sharing the news of the reduction. The memo stated  the focus was on U.S. headcount but the moves “may also result in some impacts to our workforce outside the U.S. over time.”

As per The Hollywood Reporter, the memo shared by the executives reads as follows, “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. 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.”

As per The Hollywood Reporter, the memo proceeds by saying,“We are deeply grateful to the many employees who have been a part of creating and propelling our record-breaking hit content — most recently Mission: Impossible – The Final Reckoning, MobLand, and the NCAA Tournament — and for the impressive growth in streaming that our hits continue to drive. As our company transforms, there is so much to be proud of. Our progress is clear, and the results are meaningful.”

Via The Hollywood Reporter, the memo concludes by saying, “As always, thank you for your commitment, compassion and support for one another as we continue to transition Paramount for the future.”

According to The Hollywood Reporter, towards the end of 2024, Paramount Global had 18,600 employees worldwide. The majority of impacted staff are being notified on Tuesday of the reduction.