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Paramount Global is laying off 3.5% of its US workforce in the latest round of cuts as the media giant struggles with steep declines in cable TV subscribers, the company said Monday.

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.

Paramount attempts to stop the bleeding with another major layoff As Paramount waits for merger approval, the company is laying off several hundred U.S. employees.

Paramount Global chair Shari Redstone was diagnosed with thyroid cancer earlier this spring, a spokesperson for Redstone said in a statement to Reuters on Thursday.

Stephen Colbert mocked Paramount's potential settlement with President Trump over his CBS News lawsuit on Tuesday, highlighting concerns from senators about bribery laws.