Paramount Pictures is eliminating 110 positions, about 5% of its workforce, across some divisions in the company.
In a memo sent to all employees Tuesday morning, October 1, the studio cites "an increasingly competitive environment" as the reason behind the massive cut.
The layoffs would affect the departments of finance, human resources, information technology, international home video distribution, legal and marketing. Positions are being let go at Paramount's Los Angeles studio-lot headquarters and in several international offices.
"Change is always difficult and we never take these steps lightly," the memo reads. "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."
Speaking to investors at the recent Goldman Sachs Communacopia Conference, Viacom's CEO Philipp Dauman said the movie studio would focus on "low risk," even with tentpole projects like "Transformers" and "Mission: Impossible" which proved to be box office hits. They would bring in "co-financing" and "greenlight films with consumer products potential."
Paramount is not the only giant company announcing layoffs this year. In August, Disney/ABC Television Group stated they would let go of their 175 workers.
Speaking to investors at the recent Goldman Sachs Communacopia Conference, Viacom's CEO Philipp Dauman said the movie studio would focus on "low risk," even with tentpole projects like "Transformers" and "Mission: Impossible" which proved to be box office hits. They would bring in "co-financing" and "greenlight films with consumer products potential."
Paramount is not the only giant company announcing layoffs this year. In August, Disney/ABC Television Group stated they would let go of their 175 workers.
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