Key Takeaways Paramount Global is reportedly moving forward Tuesday with the second phase of employee cuts it announced in August, according to a staff memo.Paramount said last month that it would lay off roughly 2,

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 today.

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.

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 Global’s mission to cut $500 million in costs continued on Tuesday with another round of layoffs. The company’s interim co-CEOs, George Cheeks, Brian Robbins and Chris McCarthy, previously indicated that their cost-cutting plan would include eliminating 15% of the U.

Paramount began a second wave of layoffs on Tuesday morning, nearly completing a 15% staff reduction announced last month.

Paramount Global has begun the second phase of its planned layoffs in the United States as the media giant pushes toward increasing profitability, according to an internal memo seen by Reuters. The cuts are part of the company's efforts to reduce annual costs by $500 million as it looks to streamline its operations ahead of its merger with Skydance Media.

Paramount (NASDAQ:PARA) said Tuesday it will undergo "phase two” of its planned workforce reductions it kicked off last month. Co-CEO's George Cheeks, Brian Robbins, and Chris McCarthy informed employees that the company will begin the second phase of layoffs in the U.

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