Paramount to cut 110 positions, 5 pct of workforce

Paramount to cut 110 positions, 5 pct of workforce

Posted: Updated:
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.

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.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices