Paramount to cut 110 positions, 5 pct of workforce

AP News
|
Posted: Oct 01, 2013 7:12 PM

LOS ANGELES (AP) — Viacom Inc.'s movie studio, Paramount Pictures, is cutting 110 positions worldwide in a reorganization that the company says will help it adapt to increasing competition.

Paramount Chief Operating Officer Frederick Huntsberry announced the move in a memo to staff on Tuesday.

The job reductions amount to about 5 percent of Paramount's workforce of 2,200 and are being made across several departments including finance, international home media distribution and marketing.

Recommended
Before Believing Kavanaugh's Accuser
Allie Stuckey

Shares in New York-based Viacom rose 75 cents, or almost 1 percent, to $84.33 in regular-session trading. They tacked on another 3 cents after hours.