Paramount Pictures laying off 110 workers
Paramount Pictures is laying off 110 workers at its Los Angeles and international offices as the company streamlines its business operations.
In a memo to employees, Paramount’s chief operating officer, Frederick Huntsberry, said the staff cuts would primarily hit the company’s finance, human resources, information technology, international home media distribution, legal and marketing departments.
“Change is always difficult and we never take these steps lightly,” Huntsberry said in the note. “We are confident that these changes will allow us to manage our business with greater speed and flexibility and fully capitalize on opportunities in the global entertainment market.”
This is the second round of layoffs in about two years for the Viacom Inc.-owned studio. In October 2011, the company cut 120 jobs.
After a mostly dry run in 2012, the studio has had a string of recent hits, including the zombie film “World War Z” with Brad Pitt, “Star Trek Into Darkness” from director J.J. Abrams, and the sequel “G.I. Joe: Retaliation.”
“World War Z” earned $539 million at the box office worldwide. “Star Trek Into Darkness” generated $467 million and “G.I. Joe” brought in $372 million.
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