Big changes will come to CBS and CBS News, once Skydance ‘s takeover of Paramount Global is closed.

Paramount Global said Tuesday that the entertainment and media company is cutting 3.5% of its workforce, citing challenges in the broader U.S. economy and in the linear television business.

David Rhodes, Sky News executive chairman and former CBS News head, is in talks to run CBS News again if the Skydance acquisition of the broadcaster's owner Paramount Global closes, digital news website Puck reported on Friday.

The latest meeting comes after David Ellison spoke with the agency's chairman Brendan Carr about the pending $8 billion deal

'Paramount+' is set for release in early 2021, ViacomCBS announced earlier today.

President Donald Trump gleefully announced on Tuesday that Paramount had paid its $16 million settlement—while confirming that he expected millions more in a side deal. “BREAKING NEWS! We have just achieved a BIG AND IMPORTANT WIN in our Historic Lawsuit against 60 Minutes,

Show” star Jimmy Fallon quipped he may be the next late-night host to get canned as he blasted CBS for pulling the plug on Stephen Colbert. “I am your host. Well, at least for tonight,” Fallon said during Monday’s monologue.

Paramount has reportedly reached a 5-year, $1.5 billion streaming deal with the show’s creators, after the company’s incoming owners sought to rework an earlier agreement.