Paramount Pictures announces job cuts

LOS ANGELES, Oct. 2 (UPI) -- Paramount Pictures, one of the oldest U.S. movie studios, has announced it is cutting 110 jobs, about 5 percent of its workforce.

Chief Operating Officer Frederick Huntsberry told employees in a memo the cuts will mostly affect office operations, including finance, human resources, legal, marketing, international home media distribution and information technology, Variety reported Tuesday.

The cuts will be made both in Los Angeles and elsewhere, the report said.

"Change is always difficult and we never take these steps lightly," Huntsberry said. "We are confident that these changes will allow us to manage our business with greater speed and flexibility and fully capitalize on opportunities in the global entertainment market."

Paramount eliminated 120 jobs in October 2011.

The company had a good summer at the box office, with high-grossing blockbusters that included "World War Z" and "Star Trek: Into Darkness." But executives with Paramount's parent company, Viacom, have recently stressed the need to cut costs and focus on low-risk movies and those with potential for product tie-ins.