According to an Economic Times report, Viacom Inc.'s movie studio, Paramount Pictures, is cutting 110 positions worldwide in a reorganization that the company says will help it adapt to increasing competition. The report added that the job reductions amount to about 5 percent of Paramount's workforce of 2,200 and are being made across several departments including finance, international home media distribution and marketing. Paramount chief operating officer Frederick Huntsberry announced the move in a memo to staff on Tuesday, the report says.

Read the report here