Paramount to lay off 53 people; save $10M
The move will save about $10 million a year.
The layoffs will come by merging certain divisions, including folding the direct-to-home-video team under Paramount Digital Entertainment, which produces made-for-Internet videos.
All movie studios have been suffering from a decline in DVD sales.
In the quarter that ended in June, Paramount’s revenue fell 10 percent to $1.25 billion, but it posted $69 million in operating profit as it cut costs by releasing fewer movies.