Viacom Inc.’s movie studio, Paramount Pictures, is cutting 110 positions worldwide in a reorganization that the company says will help it adapt to increasing competition.
Paramount Chief Operating Officer Frederick Huntsberry announced the move in a memo to staff on Tuesday.
The job reductions amount to about 5 percent of Paramount’s workforce of 2,200 and are being made across several departments including finance, international home media distribution and marketing.
Shares in New York-based Viacom rose 75 cents, or almost 1 percent, to $84.33 in regular-session trading. They tacked on another 3 cents after hours.