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Layoffs are hitting Hollywood hard and today they hit Paramount. The studio said today that it is cutting 110 positions in several departments, including international home media distribution.
TheWrap reports that the layoffs amount to 5 percent of Paramount’s staff, as the major studio has around 2,200 employees. The other departments affected include finance, legal, marketing, informational technology and human resources.
The cuts were made as the studio looks to trim costs after releasing Star Trek Into Darkness and World War Z, two very expensive tentpoles, this summer. Both films were big hits, grossing $467 million and $539 million worldwide, respectively, but each cost nearly $200 million to make.
“Change is always difficult and we never take these steps lightly,” Paramount’s chief operating officer, Frederick Huntsberry, said in a memo to employees, reports the LA Times. “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.”
Paramount is the latest studio looking to restructure its operations by trimming staff. The Walt Disney Company laid off 175 employees at Disney/ABC TV Group.
image: Wikimedia Commons