Paramount's job cuts are just the latest to hit the beleaguered media industry, which has recently seen staff reductions at Disney and Warner Bros. Discovery.

Paramount Global said it's cutting 3.5% of its workforce, citing challenges in the broader economy and in the linear television business.

Paramount Global said Tuesday it will lay off 3.5% of its U.S. workforce-amounting to several hundred employees-as the company accelerates cost-cutting efforts amid ongoing declines in the linear television market and delays in its proposed merger with Skydance Media.