Paramount Global said Tuesday that the entertainment and media company is cutting 3.5% of its workforce, citing challenges in the broader U.S. economy and in the linear television business. It's the latest round of layoffs at the media company — which owns the CBS broadcast network as well as cable channels,

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.