The Paramount layoff was made public Wednesday morning with the release of an internal memo that had been sent to employees on Tuesday. The specific people who are losing their jobs in the Paramount layoff had not yet been informed as of early Wednesday, UPI said.
The Paramount layoff represents 5 percent of the studio giant’s staff of 2,200 and will cut across many areas, including international home video distribution, marketing, legal, finance, human resources and information technology, the Huffington Post said.
Paramount Pictures is Viacom Inc.'s movie studio. Viacom CEO Phillipe Dauman had alluded to upcoming layoffs in a speech last month.
"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," said the layoff memo from Paramount Pictures Chief Operating Officer Frederick Huntsberry, according to the Christian Science Monitor.
This is not the first big Paramount layoff. About the same time last year, Paramount laid off 120 employees, the CSM said.