Paramount announced today:

Hollywood, CA (July 24, 2008) – Paramount Pictures and Paramount Vantage today completed the consolidation of its marketing, distribution and physical production departments. The reorganization had been announced last month.

The combined departments, which serve both Paramount Pictures and Paramount Vantage, as well as DreamWorks Pictures, MTV Films, Nickelodeon Movies, and distribution partners Marvel and DreamWorks Animation, have now been streamlined to maximize efficiency, to best serve the needs of all the labels, and to take into account the dynamic nature of the challenging marketplace. The consolidation, as well as minor adjustments in other areas, will result in a reduction of approximately 60 redundant positions.

“Over the past three years, as we have rebuilt and grown the organization, Paramount and Paramount Vantage have consistently looked to evolve in a way that best serves our filmmakers, their creativity and our consumers,” said Rob Moore, Vice Chairman, Paramount Pictures and John Lesher, President, Paramount Film Group.  “We are grateful for the immense contributions from so many Paramount and Vantage professionals who have been instrumental in our successes. Moving forward, this new structure provides us with a solid foundation as we prepare for our upcoming slate of diverse films, including The Curious Case of Benjamin Button, G.I. Joe, Star Trek and Transformers 2, to name a few.”

Nick Meyer, President, Paramount Vantage, added: “Similarly, Paramount Vantage looks forward to leveraging this new organization to release The Duchess, Defiance and Revolutionary Road later this year, as well as our exciting slate for 2009 and beyond.  With the addition of our new EVP of Production and Acquisitions, Guy Stodel, and the talented team we already have in place, Vantage is well positioned for the future.”