Netflix is cutting about 6% of its workforce, or roughly 1,000 jobs, in its biggest round of layoffs since 2022, the Wall Street Journal reported on Wednesday, citing an email sent to employees.

The streaming giant’s layoffs come as it faces intense competition for users’ time in a consolidated media market.

The bulk of the job cuts would be in the streaming giant’s product, tech, legal and human-resources teams, the report said, citing the email to employees by Co-Chief Executives Greg Peters and Ted Sarandos on Wednesday morning.

Netflix did not immediately respond to Reuters’ request for comment.

The company had about 16,000 full-time employees at the end of last year.

The streaming company has been expanding beyond its subscription business, investing in advertising, live programming and gaming to diversify its revenue sources.

Netflix lost out to Paramount Skydance in the bidding war for Warner Bros Discovery’s streaming and studio assets earlier this year.

Paramount completed its $110 billion acquisition of Warner Bros earlier this month to form Skydance, a media giant with a portfolio of leading news and film studios.

(Reporting by Prathik Jayaprakash in Bengaluru; Editing by Leroy Leo)