Feb 03, 2010 07:57 PM EST

Sony Pictures To Cut Workforce

The economy has hit everyone hard, and Hollywood is no exception. According to Variety, Sony Pictures Entertainment has decided to cut their workforce down by 6-1/2%. The studio had already cut about 300 jobs last year and just earlier last week, some high level executives were also being let go.

Sony's Michael Lynton and Amy Pascal said in a memo that "The decision to take this step was difficult. But it's being done in the context of a strategy designed to help us safeguard our competitiveness and chart our own course through these troubled waters."

Pascal also appeared in a video message to the company, stating "Our industry is affected by two things: it's affected by the economy, of course, and it's affected by technology...Over the last two years, it's changed people's DVD buying habits, which has had a huge effect on our company and the industry at large."

Source: Variety
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