Sony Corp.'s Sony Pictures Entertainment is laying off approximately 216 employees in California, it said in a regulatory filing.
The job cuts are portion of a to the front announced effort by the studio, based in Culver City, Calif., to locate $350 million in annual savings. Before the layoffs, Sony Pictures had roughly 6,500 employees world-broad.
The California layoffs represent the bulk of those planned knocked out the cost-pungent exercise, said a person following knowledge of the plans.
The job cuts were disclosed in a message sent to the California Employment Development Department as share of Sony's requirements below the Worker Adjustment and Retraining Notification Act.
The layoffs included the exclusion of Sony's interactive verification isolation, where vis--vis half the cuts hit.
Explaining the craving for the cost savings in November, Sony Pictures Chief Executive Michael Lynton cited the studio's changing investment from movies to television, along gone a brutal summer that included two high profile flops and protester shareholder Daniel Loeb criticizing the studio for overspending.
Copy Source : MarketWatch