Paramount Pictures is set to layoff over 110 of its employees this year. This constitutes five percent of the studio’s workforce.
Reuters reported that the cuts will be in areas such as finance, IT, human resources and marketing.
"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. As such we are making important and necessary changes in how we operate across several business functions,” read a memo from Paramount’s Chief Operating Officer Frederick Huntsberry.
According to the Los Angeles Times, this round of layoffs is the second in two years for the studio, which is owned by Viacom Inc. One hundred twenty employees lost their jobs at the studio in Oct. 2011.
Ironically, Paramount has had a solid run of box office hits this year, including World War Z, which made over $500 million and Star Trek Into Darkness, which made over $400 million.
The Washington Post reported that the studio also lost its longest serving employee. A.C. Lyles died Sept. 27 at age 95 in his native Los Angeles. He is survived by his wife, Martha French, whom he married in 1955.