Cut! (but Don't Print): Paramount Pictures Axing 5 Percent of Workforce

P (Photo credit: Wikipedia)

 Paramount Pictures, the fifth-oldest surviving movie studio from Hollywood's heyday and a Viacom Intl. Inc. subsidiary, will slash five percent of its 2200-member workforce, the Associated Press reported yesterday.

Roughly 110 positions will be eliminated, according to the AP story, as part of a global reorganization. Paramount CEO Frederick Huntsberry told employees in a memo yesterday that the impact would spread across several departments, including marketing and finance.

A number of successful film series have been cranked out by Paramount over the years, including the Star Trek, Beverly Hills Cop and Shrek franchises, as well as Kung Fu Panda and Friday the 13th.