American Paramount Global will cut 3.5 per cent of jobs in the US, CNBC reports citing a document circulated among the media company’s employees.
The cuts will affect several hundred thousand people.
Paramount has been forced to cut costs amid weakening demand for cable TV services as well as economic challenges.
“The changes are necessary to adapt to the environment in which we operate and improve the company’s position,” the document said.
Last September, the company announced it was cutting 15 per cent of its US workforce, or about 2,000 employees.
Paramount shares are losing 0.2% in early trading on Tuesday. Since the beginning of this year their value has grown by 14.5%.