Paramount to lay off 3.5% of US staff in latest job cut

Paramount Global is laying off 3.5% of its U.S. staff in the latest round of job cuts as the company grapples with a decline in cable TV subscribers, according to an internal memo seen by Reuters.

The layoff was communicated to its staff on Tuesday morning and it could affect some non-U.S. workforce over time, the memo from the office of the company’s three co-CEOs showed.