Paramount Pictures has announced it will be eliminating 110 positions on the lot -- or 5% of its workforce of 2,200 -- and closing several international offices.
The studio also said in a memo that it would be an organizational realignment in select areas and the departments that will be most affected by these cuts will be primarily in the Finance, Human Resources, Information Technology, International Home Media Distribution, Legal and Marketing departments.
Star Trek Into Darkness," "G.I. Joe: Retaliation" and "World War Z" have all grossed more than $350 million worldwide.
In the memo, the studio says that they "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."
The layoffs are not a major surprise in light of recent statements by Philipp Dauman, CEO of studio parent Viacom, stressing the need to keep expenses down.
On Sept. 24, Dauman told investors at the Goldman Sachs Communacopia Conference that Paramount would focus on "low risk," even on high-budget franchises such as Transformers and Mission: Impossible. He also said that the risk on the sequel to "World War Z" would be alleviating by "bringing in co-financing."
"We have a history even in tough times of maintaining or growing margins," he also said.
Dauman said means keeping "a tight lid on expenses, including in programming."
In May, Dauman sounded similar themes at the Nomura U.S. Media & Telecom Summit, saying that Paramount would "focus on profitability" by integrating with other Viacom businesses.
"For the most part we're going to greenlight films with consumer products potential," he said, citing plans to reboot the "Teenage Mutant Ninja Turtles" franchise.
It's the second time in two years that Paramount has sliced more than 100 slots from studio staff. In October, 2011, Paramount cut about 120 staff positions as part of a consolidation effort in the face of declining DVD revenue as it merged its DVD, television and digital divisions and moved the headquarters of its international operation to Los Angeles from London.