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Paramount to lay off 110 employees

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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.

Paramount Chief Operating Officer Frederick Huntsberry announced the move in a memo to staff on Tuesday.

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.

Shares in New York-based Viacom rose 75 cents, or almost 1 percent, to $84.33 in regular-session trading. They tacked on another 3 cents after hours.