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Paramount Cuts 53 Jobs, Saves $10 Million

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(Credit: Jason Kirk/Getty Images)

(Credit: Jason Kirk/Getty Images)

LOS ANGELES (AP) — Viacom Inc.’s movie studio, Paramount Pictures, says it is laying off 53 people worldwide, most of whom are based in Los Angeles.


The move will save about $10 million a year.


Chief Operating Officer Frederick Huntsberry and Vice Chairman Rob Moore informed staff of the move in an e-mail Thursday.


The layoffs will come by merging certain divisions, including folding the direct-to-home-video team under Paramount Digital Entertainment, which produces made-for-Internet videos.


All movie studios have been suffering from a decline in DVD sales.


In the quarter that ended in June, Paramount’s revenue fell 10 percent to $1.25 billion, but it posted $69 million in operating profit as it cut costs by releasing fewer movies.

(© Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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