Paramount has trimmed its staff by 110, with a memo issued just now on the lot. The layoffs happened this morning, and the casualties have been informed. This was not unexpected. Viacom CEO Phillipe Dauman gave a speech at the Goldman Communicopia recently, and indicated the studio would be trimming its ranks by watching movie and TV costs.
The studio is coming off some success on the movie side, but it sure hasn’t been easy. World War Z and G.I. Joe: Retaliation both bore fruit after the studio pulled them off the 2012 schedule and fixed them. These layoffs are never fun, and it feels like it is getting tougher each year. The other part of this that sucks is often, when one studio trims staff, others seem to follow.
Here is the memo that was sent to staff.
To: Paramount Employees
From: Frederick Huntsberry
As our industry continues to adapt to an increasingly competitive environment, we are always ensuring that Paramount is conducting its business as efficiently and productively as possible. As such we are making important and necessary changes in how we operate across several business functions. Although most employees will not be impacted, these changes will result in organizational realignment in select areas, and the elimination of 110 positions on the lot and in a number of international locations. The headcount reductions will primarily impact Finance, Human Resources, Information Technology, International Home Media Distribution, Legal and Marketing.
Change is always difficult and we never take these steps lightly. We are confident that these changes will allow us to manage our business with greater speed and flexibility and fully capitalize on opportunities in the global entertainment market. We know you all join us in wishing our departing colleagues well.
We have an extraordinary team at Paramount, a strong slate of upcoming films and exciting plans for re-entry into television production. Our legacy of success stretches back more than 100 years, with a deep history of adjusting to our industry's challenges and realizing its new opportunities – all while creating the world's most iconic films and entertainment experiences.
Thank you for your continued hard work.
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