Paramount to cut 3% of U.S. workforce as it deepens cost-cutting

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Paramount Global

is cutting its U.S.-based staff by 3.5%, or several hundred employees, in the latest round of layoffs at the media company as it contends with the decline of the traditional pay-TV bundle and macroeconomic headwinds.

The company notified its staff of the impending layoffs on Tuesday morning, according to a memo viewed by CNBC. The memo, which came from the office of the CEO — George Cheeks, Chris McCarthy and Brian Robbins — said the majority of the impacted staff will be notified on Tuesday.

The layoffs also come as Paramount has been in the process of seeking regulatory approval for its proposed merger with Skydance Media.