Paramount Global is cutting 3.5% of its U.S. workforce, with the company citing linear TV declines and a "dynamic macro-environment" for the layoffs

As studios continue to downsize, Paramount Global is the latest to announce layoffs. The company said Tuesday that it would be laying off 3.5% of its domestic staff.

Paramount Global, which last year shed 15% of its U.S. workforce, said Tuesday it will reduce it by another 3.5% due in part to linear TV declines.