Paramount Global has initiated the next phase of its plan to lay off 15% of its U.S. workforce, saying the cuts will be 90% complete after today.

Paramount Global’s mission to cut $500 million in costs continued on Tuesday with another round of layoffs. The company’s interim co-CEOs, George Cheeks, Brian Robbins and Chris McCarthy, previously indicated that their cost-cutting plan would include eliminating 15% of the U.

Paramount began a second wave of layoffs on Tuesday morning, nearly completing a 15% staff reduction announced last month.

Co-CEOs George Cheeks, Brian Robbins and Chris McCarthy tell staff that after Tuesday, 90 percent of the company's layoffs will be complete.

Paramount Global unveiled a second wave of staff cuts Tuesday morning, part of a larger bid by the owner of CBS, Comedy Central and MTV to reduce costs in a fraught era for traditional media companies.

"In order to set Paramount up for continued success, we are taking these actions, and after today, 90% of these reductions will be complete," Paramount's three CEO's say in a memo

Paramount Global cut more jobs on Tuesday as part of a previously announced plan to reduce its US workforce by 15%, or about 2,000 positions.