Paramount consolidating operations; 53 positions cut
Looking to eliminate "redundancy" and save costs, Paramount Pictures is consolidating operations in four divisions, resulting in the elimination of 53 positions worldwide.
One studio executive estimated that the move will save Paramount close to $10 million.
The Viacom Inc.-owned studio will fold licensing and consumer products into its motion pictures promotions division, which is run by LeeAnne Stables, executive vice president of worldwide marketing partnerships.
Development and production of movies for home entertainment and digital platforms will now be overseen by Paramount Digital Entertainment President Tom Lesinski, while the distribution of movies in the digital realm will be handled by Hal Richardson, president of Paramount Pictures Worldwide Television Distribution.
In an e-mail to employees, Paramount Chief Operating Officer Frederick Huntsberry and Vice Chairman Rob Moore said, "In today's environment, companies must make smart choices about how resources are being deployed," noting that the consolidation was "consistent with how more of our customers are exploring multiple facets of the film experience."
-- Claudia Eller
Photo: Paramount's Melrose Avenue gate. Credit: Anne Cusack /Los Angeles Times