We have just received news that, unfortunately, Paramount Pictures, the company behind Michael Bay's Transformers
series, is involved in a big employee layoff, almost 5% of the staff. This is not the first time that something like this happens, as just last year 120 employees were let go by the same company. You can read more about it here
, and take a look at some extracts below.
The layoffs will affect about 5 percent of the studio's 2,200 employees that work on the Los Angeles movie lot or in international locations.
The job cuts will occur primarily in the areas of finance, human resources, information technology, international home media distribution, legal and marketing, according to the memo from Paramount Pictures Chief Operating Officer Frederick Huntsberry.
Paramount studio's second-quarter revenues were down 29 percent, year over year. But profit was off only six percent due to cost cutting, reported the Los Angeles Times in August. In fact, last year at about the same time Paramount laid off 120 employees.
Paramount is the studio behind the "Transformers," movie franchise and this summer's zombie thriller "World War Z," starring Brad Pitt, which grossed $539 million worldwide, according the Box Office Mojo website.