Paramount is laying off 3.5% of its US workforce. Its leaders sent a memo to workers describing the rationale for the cuts.

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.

Paramount Global is cutting hundreds of employees, about 3.5% of its U.S. staff, according to a memo viewed by CNBC and Reuters. The memo, which said laid-off staff would be notified on Tuesday, was from the company's trio of CEOs — George Cheeks (CBS),