Paramount Cuts 110 JobsTuesday, October 1, 2013
Paramount Pictures announced layoffs on Tuesday as part of the studio’s effort to cut costs.
The Hollywood studio, owned by Viacom Inc. of New York, notified employees that 110 staffers will be cut from departments including finance, human resources, IT, legal and marketing.
Most of the studio’s operations and staff are in Los Angeles.
Two of the studio’s recent releases, “World War Z” and “Star Trek Into Darkness” have posted healthy returns at the worldwide box office, $539 million and $467 million respectively, but were costly to produce and market.
The memo to employees announcing the layoffs was written by Chief Operating Officer Frederick Huntsberry and obtained by media. It expressed optimism for the studio’s upcoming theatrical releases, which include “Anchorman 2,” as well as the studio’s efforts to rebuild its TV production division.
“We have an extraordinary team at Paramount, a strong slate of upcoming films and exciting plans for re-entry into television production,” the memo said.