Sony Pictures Cut 350 Jobs!

Sony Pictures Entertainment Inc. Announce that it will be laying off 250 people and eliminating 100 open positions in efforts to cut costs. Chief Executive Michael Lynton and studio co-chair Amy Pascal stated in memo that went out Wednesday why they were making the cuts: "Our studio remains profitable, but over the past five months, the deepening global financial crisis has begun to impact some of our lines of business, such as television syndication, DVDs and advertising sales," also stated "These economic effects have, regretfully, made it necessary to take the step we had hoped to avoid, and worked hard to minimize: reducing our headcount." Most of the layoffs will take place in LA and the rest will take place overseas. The studio has already moved to reduce executive benefits, travel and overtime in order to reduces costs.