I guess distributing Michael Bay movies has finally taken its toll on Paramount.
The company announced they are eliminating 110 positions from the company including spots in finance, IT, legal, and marketing. This follows previous layoffs Paramount made in 2008 where they reduced their workforce by 7% across the board.
This also follows a rather low income year for the studio. Ironically enough, the biggest hit they had this year was World War Z which brought in over $500 million at the box office. It is joined by flops such as Hansel & Gretel: Witch Hunters and Pain & Gain. Despite the flops Paramount is expected to end on top with the releases of Nebraska, The Wolf of Wall Street, and Anchorman: The Legend Continues. Marketing is currently working on campaigns for these films, but seeing that the marketing department is suffering layoffs who knows how in depth the campaigns will be.
In addition to Paramount layoffs, NBC announced that NBC Digital will be reducing their workforce by 5%. Not a great time to work in the entertainment industry, I guess.
The past seven days
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Did you know that a single Academy Award statuette weighs 8.5lbs and costs over $800 to make? I never would have guessed.
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This makes me even more excited for the road show in May.
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