Bloomberg News

Viacom’s Paramount Pictures Cuts 110 Jobs Citing Competition (1)

October 02, 2013

Viacom Inc. (VIA:US)’s Paramount Pictures plans to eliminate 110 jobs across several departments, citing a competitive climate for moviemaking.

The cuts will come in finance, human resources, information technology, international home-media distribution, legal and marketing, the Los Angeles-based studio said in an e-mailed statement yesterday. Paramount has about 2,200 employees.

“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,” Chief Operating Officer Frederick Huntsberry said in the statement. “We have an extraordinary team at Paramount, a strong slate of upcoming films and exciting plans for re-entry into television production.”

The business, founded in 1912, ranks last among the six largest studios this year, with $727.8 million in domestic ticket sales, according to researcher Box Office Mojo. Its top-grossing pictures so far in 2013 are “Star Trek Into Darkness” and “World War Z.”

Movie releases later this year include the Martin Scorsese- directed “The Wolf of Wall Street” in November and “Anchorman 2: The Legend Continues” in December. The Wrap.com reported on the cuts earlier.

Viacom, also parent of the Nickelodeon and MTV cable networks, lost (VIAB:US) 1.8 percent to $82.83 at the close in New York. Class B shares of the company, which is controlled by Sumner Redstone, have gained 57 percent this year.

To contact the reporter on this story: Christopher Palmeri in Los Angeles at cpalmeri1@bloomberg.net

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


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Companies Mentioned

  • VIA
    (Viacom Inc)
    • $81.09 USD
    • 0.61
    • 0.75%
  • VIAB
    (Viacom Inc)
    • $81.06 USD
    • 0.60
    • 0.74%
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