Paramount Pictures Undergoes Round of Layoffs
The studio laid off 30-40 employees as part of Viacom's current restructuring.
Paramount Pictures laid off between 30 and 40 employees across all its departments on Wednesday as part of parent company Viacom's ongoing restructuring.
While declining to specify an exact number, a Paramount Pictures spokesperson said, "The personnel changes made today are part of Viacom's previously announced restructuring effort. These changes are designed to realign resources and create efficiencies in line with the evolving business environment."
During the past month, Viacom has made layoffs at many of its units, with deep cuts at some divisions like MTV.
Speaking at an investor conference on Monday, Viacom chief executive Philippe Dauman said that a company restructuring should be completed by the end of the month and result in $250 million in savings.
Viacom's chief also said there was no truth to the rumor that the company would be selling Paramount or a stake in the studio to a Chinese company.
"It's completely untrue," he said, calling the source of information unreliable. "People see meetings being done and they like to think that it is transformational."