Business & Economy

Paramount lays off 110 employees

Paramount Pictures studio
Paramount Pictures studio
Flickr Creative Commons/MagicOlf

Paramount Pictures said that it is laying off 110 employees on its Hollywood studio lot and in some international locations.  Chief Operating Officer Frederick Huntsberry announced the layoffs Tuesday in an internal memo to employees.  

"As our industry continues to adapt to an increasingly competitive environment, we are always ensuring that Paramount is conducting its business as efficiently and productively as possible," Huntsberry wrote, adding that the cuts would occur primarily in the finance, human resources, information technology, international home media distribution, legal and marketing.

"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," Huntsberry's memo continues.  

Daily Variety reported that Paramount is coming off a year — 2012 — in which it had no big hit movies, though 2013 was much better at the box office.

Paramount is having a bounce back year after having hardly any major hits in 2012. “Star Trek Into Darkness,” “G.I. Joe: Retaliation” and “World War Z” have all grossed more than $350 million worldwide.

Paramount is owned by Viacom and employs 2,200 people.  

Paramount is not the only major studio to trim jobs. In April, the Walt Disney Co. said it was laying off as many as 150 people in its Walt Disney studios.  

Paramount to lay off more than 100 Employees