Paramount Global (PARA) is set to lay off around 800 workers, which accounts for roughly 3% of its workforce, according to reports on Tuesday.
Deadline posted an internal memo from the company's CEO, Bob Bakish, which reveals workers impacted by the layoffs will be notified on Tuesday. The layoffs will impact workers in both the US and internationally.
"These adjustments will help enable us to build on our momentum and execute our strategic vision for the year ahead – and I firmly believe we have much to be excited about," Baskish said in the memo.
Reports last month stated that an internal memo had warned employees of impending cuts, with Bakish stating at the time that the company needed to "operate as a leaner company and spend less."
Paramount shares are down more than 3% at the time of writing on Tuesday, trading around the $13 per share mark. The stock opened the session at $13.12.