Paramount Global is reducing its workforce by 3.5%, CNBC reports.

The majority of the several hundred who will be terminated will be informed Tuesday, according to a memo from Paramount's office of the CEO viewed by CNBC.

“We recognize how difficult this is and are very thankful for everyone’s hard work and contributions. These changes are necessary to address the environment we are operating in and best position Paramount for success,” the CEOs — George Cheeks, Chris McCarthy and Brian Robbins — said in the memo.

It is the latest round of layoffs at Paramount as the media giant grapples with increased competition for traditional pay television from streaming services. Other major media and entertainment companies, including Disney and Warner Brothers Discovery, have also announce layoffs in recent weeks.

Paramount is also in the process of seeking regulatory approval for its merger with Skydance Media and, like other U.S. companies, is dealing with macroeconomic uncertainty from the U.S. trade war.

As of December, Paramount employed 18,600 full- and part-time employees around the world. Paramount began reducing its workforce by 15% in August.