Paramount is laying off 3.5% of its US workforce. Its leaders sent a memo to workers describing the rationale for the cuts.

Paramount Global is set to lay off 3.5% of its U.S. staff due to declining cable TV subscribers, following a significant previous reduction. The memo highlights ongoing challenges within the media industry as it adapts to shifting viewer habits towards streaming platforms.

June 10 (UPI) -- Paramount Global is making another cut into its U.S. workforce by 3.5% in the next round of layoffs. Most of the impacted staff will be notified on Tuesday, according to a memo that came from the offices of the co-CEOs.