Paramount Pictures is restructuring four of its divisions and laying off 53 employees worldwide. The move will reportedly save the studio $10m a year.
The company’s licensing and consumer products division is to be merged with motion picture promotions and overseen by LeeAnne Stables, executive vice president of worldwide marketing partnerships.
The development and production of features made for home entertainment and digital platforms are being consolidated under president of Paramount Digital Entertainment Tom Lesinski.
And the distribution of feature films on digital platforms will now be handled by Hal Richardson, president of Paramount Pictures Worldwide Television Distribution.
In a widely reported internal memo Paramount Pictures COO Frederick Huntsberry and vice chairman Rob Moore said the restructuring “consolidates our operations in a way that is consistent with how more of our customers are exploring multiple facets of the film experience.”