Paramount Global is laying off 3.5% of its U.S. staff in the latest round of job cuts as the company grapples with a decline in cable TV subscribers, according to an internal memo seen by Reuters.

Paramount Global (NASDAQ:PARA) (NASDAQ:PARAA) said Tuesday it is cutting jobs by 3.5% as it navigates a tough macroeconomic backdrop and bears the brunt of shrinking linear TV viewership in the U.S. The move adds on to the 15% headcount trim it executed last year,

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.