Co-CEOs George Cheeks, Brian Robbins and Chris McCarthy tell staff that after Tuesday, 90 percent of the company's layoffs will be complete.

Paramount, in the process of being acquired by Skydance Media, is already initiating its plan to reduce expenses by $500 million. The first round of staff cuts

Paramount Global is now going through Phase 2 of its planned layoffs, which started in August. After Tuesday, 90% of the layoffs will be finished.

Paramount began a planned second wave of layoffs on Tuesday morning, nearly completing a 15% staff reduction announced last month. "In order to set Paramount up for continued success, we are taking these actions,

Paramount Global said it was continuing to cut staff amid a difficult climate, hoping to net 90% of its overall layoffs

Paramount Global has initiated the next phase of its plan to lay off 15% of its U.S. workforce, saying the cuts will be 90% complete after further cutbacks today. George Cheeks, Chris McCarthy and Brian Robbins conveyed the news to staffers in a memo this morning.

Paramount+'s communication team has been hit by Paramount Global's latest round of layoffs in its 15% reduction of its U.S. workforce, with senior vice presidents Morgan Seal and Amanda Cary among those impacted.

A total of about 2,000 workers are losing their jobs to reduce annual costs by $500 million ahead of a merger with Skydance Media.