Paramount is beginning the second phase of its planned layoffs

Paramount Global is beginning Phase 2 of its planned layoffs, according to a memo sent by the media company's co-chief executives early Tuesday morning.

The total number of layoffs in this phase was not disclosed. The company previously announced there would be three phases of layoffs, the first of which would be in August. After Tuesday's cuts, 90% of layoffs will be completed, the memo said. In total, about 15% of the company's U.S. employees, or 2,000 people, will be laid off over the three phases.

“Like the entire media industry, we are working to increase the profitability of streaming while adapting to the evolving landscape in our traditional businesses,” co-CEOs George Cheeks, Chris McCarthy and Brian Robbins said in the memo. “Days like this are never easy. It is difficult for us to say goodbye to valued colleagues, and to those who are leaving us, we are incredibly grateful for their countless contributions.”

Paramount executives said in June that the layoffs were an attempt to save $500 million in annual costs. The company said at the time that the layoffs would focus on “redundant functions” in media and communications as well as “unifying our corporate structure,” including finance, legal, technology and other support functions.

Tech scion David Ellison's Skydance Media, along with RedBird Capital Partners and Ellison's father Larry, the co-founder of software giant Oracle Corp., is poised to take control of Paramount in the first half of next year if regulators approve the deal.

Ellison, who is set to become Paramount's CEO once the deal closes, has said he intends to develop the old Hollywood institution into a “media and technology company.” Part of that plan includes improving the advertising engine and algorithmic capabilities of the company's Paramount+ streaming service, as well as using artificial intelligence tools to “enhance creativity and increase production efficiency,” he said.