Paramount Global cuts 25% of staff in its domestic cable networks

Media company Paramount Global, looking to reduce costs as it merges its Showtime and MTV networks, is letting go about 25% of the staff in its domestic cable networks, Bloomberg News reported on Tuesday.

Employees are being notified Tuesday, according to the report.

Paramount, formerly known as ViacomCBS, did not immediately respond to a Reuters’ request for comment. Reuters