Paramount Pictures is laying off about 120 people in a reorganization of its global theatrical division, the company announced Thursday.
Andrew Cripps (left) will leave his post as president of international theatrcial distribution for Paramount and will remain in London as the post moves to Los Angeles.
Taking his place will be former Disney international executive Anthony Marcoly (below, right).
The cuts account for about 5 percent of Paramount's total workforce.
Paramount said in September that it would centralize global theatrical marketing in Los Angeles. Today's announcement is the implementation of the restructuring plan.
“We are undertaking this reorganization to best adapt to the global evolution in the movie business,” said Paramount chairman and CEO Brad Grey, in a statement. “We are grateful to Andrew for all he has done to help us build Paramount International, and we look forward to Anthony joining our team and bringing his extensive international experience to bear for our pictures.”
The company also announced that it is closing its Latin America regional oversight office in Rio de Janeiro. Paramount employees in Los Angeles will take over responsibilities that had been carried out from that office.
Of the 120 people being laid off, 80 are in the United States and 40 work outside the country. Paramount employs about 2,400 people.