Paramount Global will issue pink slips affecting slightly more than three percent of its domestic workforce, the company said in an internal memo sent to employees on Tuesday.

The memo, issued by Paramount co-CEOs George Cheeks, Chris McCarthy and Brian Robbins, said most of the affected workers will be informed of their job losses immediately, while others will be told later in the week.

The layoffs announced on Tuesday follow a similar round of cost-cutting last August that impacted Paramount’s domestic workforce by 15 percent. It also laid off employees at CBS television stations and CBS News last September.

Like other entertainment companies, Paramount has faced pressure from higher content costs and marketing of its streaming services, coupled with lower return on investment from its linear television networks on broadcast and pay TV platforms.

Warner Bros Discovery (WBD) announced job cuts earlier this week, and the Walt Disney Company has cut its workforce several times over the past two years.

Paramount has around 18,600 employees around the world. Most of its workforce is in the U.S.; it also operates television networks in the United Kingdom, Australia and other countries. The company is in the process of merging with Skydance Media.