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Sony Pictures Entertainment To Cut Nearly 350 Jobs

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Mar 10, 2009 3:00 pm US/Pacific

Sony Pictures Entertainment To Cut Nearly 350 Jobs

 Timeline: U.S. Credit Crunch & Financial Failures

LOS ANGELES (AP) ― Sony Pictures Entertainment is laying off nearly 250 people and eliminating nearly 100 open positions in an effort to cut costs.

Chief Executive Michael Lynton and studio co-chair Amy Pascal announced job cuts of 3.5 percent of the studio's staff worldwide in a staff memo sent out this afternoon.

Less than 150 people will be laid off in the United States, most in Los Angeles, along with less than 100 people overseas. Nearly 100 open positions will not be filled.

The announcement follows other cost cutting moves made in October by the Culver City-based studio, which distributed "Paul Blart: Mall Cop" in January and the James Bond flick "Quantum of Solace" in November.

(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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