Bloomberg News

Paramount Said to Cut 120 Jobs in Revamp of Non-U.S. Operations

October 27, 2011

Oct. 27 (Bloomberg) -- Paramount Pictures, maker of the “Transformers” movies, will eliminate about 120 jobs, or 5 percent of its workforce, as it reorganizes some non-U.S. operations, a person with knowledge of the situation said.

Most of the positions being cut are in London, said the person, who spoke on condition anonymity because the cuts haven’t been announced. Paramount, the Los Angeles-based film unit of Viacom Inc., will also close its office in Rio de Janeiro, according to a statement today. The studio has a workforce of about 2,400.

The changes are part of a broad realignment of the studio’s operations, including home-video and television, announced last month. Anthony Marcoly was named president of Paramount International-Theatrical today, replacing Andrew Cripps.

Paramount is looking to better coordinate global distribution of films in theaters and various digital and television platforms, the company said last month.

Paramount spokeswoman Virginia Lam declined to comment on the job cuts, which were reported earlier by Deadline.com.

Viacom, the New York-based media company controlled by Sumner Redstone, gained 3.6 percent today to $45.59. The shares have climbed 15 percent this year.

--Editors: Anthony Palazzo, Rob Golum

To contact the reporter on this story: Michael White in Los Angeles at mwhite8@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net


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