Paramount Global is looking to sublease 355,000 square feet across two properties in Midtown Manhattan, two people familiar with the matter told the New York Business Journal. The office downsizing comes as the media company reduces its staff by 3.

As studios continue to downsize, Paramount Global is the latest to announce layoffs. The company said Tuesday that it would be laying off 3.5% of its domestic staff.

Our progress is clear, and the results are meaningful.” Nevertheless, “several hundred” Paramount employees are now out of a job. More or less quarterly layoffs are an industry-wide trend; despite seemingly having a successful year,

Paramount Global chief financial officer Naveen Chopra is exiting his post at the media company to join gaming platform company Roblox as CFO.

Paramount Global's finance head Naveen Chopra will leave to take on a similar role at video gaming firm Roblox , the companies said on Monday.

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"These changes are necessary to address the environment we are operating in and best position Paramount for success," its co-CEOs say.

A recent round of layoffs at Paramount has affected 3.5% of the company’s US teams, with more cuts still on the table in the coming months.