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.

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.

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

"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.