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.

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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.

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,

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.

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.

Paramount said it is focused on "reducing our headcount in finance, legal, technology and other support functions."

D with company statement. Paramount Global has confirmed that it has swapped out its media agencies, parting ways with WPP after more than 20 years, confirming the news first reported last week by Deadline.