Paramount Global is downsizing its staff once again.
The entertainment giant, which owns CBS, Comedy Central, MTV and more, announced plans to reduce its headcount by 3.5%, which will impact hundreds of jobs. The company blamed the economy and decline in traditional pay-television revenues for the action.
“We recognize how difficult this is and are very thankful for everyone’s hard work and contributions,” the company wrote in a memo to staff. ”These changes are necessary to address the environment we are operating in and best position Paramount for success.”
Paramount, as of December, had 18,600 full- and part-time employees. A 3.5% reduction of that number works out to over 650 workers.
This is the second (or third, depending on how you count) round of layoffs for the company in the past year. Last August, Paramount announced plans to cut 15% of its workforce, which impacted approximately 2,000 workers. The following month, the second round of those cuts occurred.
The company also laid off 800 workers last February, the day after it saw record Super Bowl ratings.
The cuts come as Paramount is seeking regulatory approval for its proposed merger with Skydance Media. The company has also made a controversial $15 million offer to settle a lawsuit Donald Trump filed last year over perceived “illegal” edits to a 60 Minutes interview with former Vice President Kamala Harris. (Trump is seeking $20 billion in a suit that most legal experts said he had no chance of winning.)
Paramount’s decision to attempt to settle the case led to the departures of Bill Owens, long-time 60 Minutes executive producer, and Wendy McMahon, president of CBS News and Stations.
This story was originally featured on Fortune.com
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