Miramax cutting staff to boost profits

NEW YORK, Aug. 9 (UPI) -- The Miramax Film Corp. is preparing to lay off as many as 160 of its 450 workers to scale back costs and improve efficiencies at the New York-based firm.

The layoffs of about 35 percent of Miramax's staff are expected to take place across all areas of the firm, with the majority targeted at the mid- to lower-levels, the New York Post reported Monday.

The staff reduction is deeper than many had expected; early this summer Miramax was understood to be considering eliminating roughly 90 jobs

The latest cuts will be the biggest round of layoffs since March 2002, when the studio cut about 15 percent of its work force to battle a budget crunch.