Viacom Inc.'s (VIA, VIAB) Paramount Pictures is eliminating about 5% of its workforce, the studio said, cutting 110 positions in the latest of several rounds of job cuts.
In a memo to employees, Paramount Chief Operating Officer Frederick Huntsberry said the cuts were part of an "organizational realignment" and would affect the following departments: finance, human resources, information technology, international home video distribution, legal and marketing. Positions are being eliminated at Paramount's Los Angeles studio-lot headquarters and in several international offices.
The studio behind classics like "Sunset Boulevard" employed more than 3,000 workers in late 2008 but now has around 2,200, fewer than any of the major Hollywood studios. The company laid off 120 workers in October 2011.
Paramount also has the smallest release slate of the Hollywood studios, though it is coming off a solid summer that included hits like "Star Trek Into Darkness" and "World War Z."
Paramount caused raised eyebrows recently when it announced that its highly anticipated film, "The Wolf of Wall Street" starring Leonardo DiCaprio, would be postponed from its original Nov. 15 release date because director Martin Scorsese needed more time to finish the film. It remains unclear if the movie will be released by the end of the year, a requirement to qualify for upcoming rounds of many major awards, including the Oscars.
The rest of the year's slate includes some films with better prospects for awards than for big ticket sales, such as "Nebraska" and "Labor Day," as well as more commercial spectacles like "Anchorman 2: The Legend Continues" and "Jack Ryan: Shadow One." The studio's next movie, "Jackass Presents: Bad Grandpa," comes out Oct. 25.
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(END) Dow Jones Newswires
October 01, 2013 19:05 ET (23:05 GMT)Copyright (c) 2013 Dow Jones & Company, Inc.
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