Paramount to cut 110 jobs


paramountViacom’s Paramount Pictures plans to eliminate 110 jobs across several departments, citing a competitive climate for moviemaking. The cuts will come in finance, human resources, information technology, international home-media distribution, legal and marketing, the LA-based studio said in an e-mailed statement that was reported by Bloomberg. Paramount has about 2,200 employees.

“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,” Chief Operating Officer Frederick Huntsberry said in the statement. “We have an extraordinary team at Paramount, a strong slate of upcoming films and exciting plans for re-entry into television production.”

The business, founded in 1912, ranks last among the six largest studios this year, with $727.8 million in domestic ticket sales, according to researcher Box Office Mojo. Its top-grossing pictures so far in 2013 are “Star Trek Into Darkness” and “World War Z.”

Movie releases later this year include the Martin Scorsese- directed “The Wolf of Wall Street” in November and “Anchorman 2: The Legend Continues” in December.

See the Bloomberg story here