Paramount Pictures is the latest arm of Viacom to feel the effects of restructuring, with 20 to 40 employees let go on Wednesday, TheWrap has learned.
“The personnel changes made today are part of Viacom’s previously announced restructuring effort. These changes are designed to realign resources and create efficiencies in line with the evolving business environment,” a spokesperson for the studio said in a statement.
Paramount isn’t the only arm of the media giant to feel the effects of downsizing. On Monday, up to 12 percent of the workforce at MTV Networks was dismissed, including legacy employees at the channel.
Viacom CEO Philippe Dauman indicated the layoffs would be coming in the first quarter of 2015.
“We are rapidly adapting our processes and business as well as human, financial and technological resources to increase focus on new high potential areas,” Dauman said on a January investors call.
“It is clear that this transition will require some organizational realignment, as well as rationalization of content that no longer meets our goals.”
In addition to MTV and Paramount, TheWrap exclusively reported realignment at Viacom’s CMT channel.
Deadline.com reported this news first.