MUMBAI: A part of the Viacom conglomerate, Paramount Pictures has decided to trim down its staff by 110 people. Just a memo was issued to people who have been sent back home.
The reductions will be in the Finace, HR, IT, International home media distribution, legal and marketing departments. In a letter to its sacked employees the company CEO Frederick Huntsberry said that the layoffs were needed to manage business ‘with greater speed and flexibility as well as capitalise on opportunities in the global entertainment market’.
The company has plans to re-enter into TV. Their performances on the big screen have just been average.
Positions have been shed in their head office in LA as well as many international offices. Previously in 2011, the company laid off 120 people.