Paramount to release fewer films, cut 25 DreamWorks employees

Looking to cut overhead and operating expenses after the recent departure of DreamWorks co-founder Steven Spielberg, Paramount Pictures plans to release fewer films, consolidate operations and slash 25 jobs among those DreamWorks employees who remain.

Paramount's management is under heightened pressure from corporate parent Viacom Inc. to continue finding efficiencies at the studio amid a tough economic climate and the increasingly profit-challenged movie business. Like other media companies, publicly traded Viacom, controlled by billionaire Sumner Redstone, has seen its stock price pummeled in the global economic meltdown.

(LA Times)

Film Business, Hollywood

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