Paramount Global (PARA) is moving ahead with the second phase of the roughly 15% workforce reduction it announced last month. 

The company’s three co-chief executives said in a memo to staff Tuesday that 90% of the layoffs would be complete by the end of the day, according toThe Hollywood Reporter. In August, the company said it would lay off about 2,000 employees as part of a plan to save at least $500 million in annualized costs before its planned merger with Skydance Media.

Seeking To 'Accelerate Streaming Profitability'

The owner of CBS, MTV, and Nickelodeon said the steps were part of a plan to “accelerate streaming profitability while at the same time adjusting to the evolving landscape in our traditional businesses.”

Paramount previously said it expects Paramount+ to reach domestic profitability in 2025. Paramount+ is currently promoting a discount on its annual rate, part of a larger pattern among streaming services ahead of the holiday season.

In July, Paramount in July agreed to an $8 billion merger deal with Skydance Media and private-equity partners that is expected to close in the first half of 2025.

Paramount stock was up nearly 1% on Tuesday afternoon. For the year, the shares are down almost 30%.