July 7 (Reuters) - Paramount Global ( PARAA ) will

continue reducing the size of its workforce until its merger

with Skydance Media closes, the company's co-CEOs said in a memo

seen by Reuters on Sunday, hours after the companies announced

the deal.

Paramount will also look to divest some of its assets,

co-CEOs Brian Robbins, George Cheeks and Chris McCarthy said in

the memo.

"Until the transaction closes, it's business as usual - we

will continue to operate as an independent company and move

forward with the strategic plan we outlined at our town hall,"

they said.

In June, Paramount said it would focus on its new plan to

transform its streaming business, reduce costs and divest some

assets to help pay down debt.

Shari Redstone, Paramount's non-executive chair, will sell

the family's controlling stake in the company in the merger.