Dow Jones hits 23,000 as melt up continues >>> READ MORE

Paramount Pictures to Layoff 110 Workers

The studio had a number of hit movies this summer


paramountA round of pink slips is going out a Viacom‘s (VIAB) Paramount Pictures.

The film company says that it is cutting 110 jobs in order to improve its ability to respond to changing business circumstances. The studio will shed positions in its finance, IT, media distribution, legal, marketing and human resources departments, the Los Angeles Times notes.

Green Mountain Closes Facility, Cuts Jobs
Green Mountain Closes Facility, Cuts Jobs

Paramount had a relatively good summer, scoring a number of hits at the box office, including Star Trek Into Darkness, G.I. Joe: Retaliation and Brad Pitt’s zombie apocalypse thriller, World War Z, which grossed $539 million worldwide.

Two years ago, Paramount let 120 workers go. The latest round of job cuts will hit the company’s overseas and Los Angeles offices.

Paramount is just the latest company to let workers go, suggesting that layoffs could intensify over the coming months.

Shares of Viacom fell almost 2% in Wednesday morning trading.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC