MUMBAI: Paramount Pictures has announced that it has reduced its release target from 25 to 20 films per year.
The comapny said that the move is to “compete effectively in the changing marketplace and to realise the maximum financial benefit of the series of new operating efficiencies achieved by the studio.”
Paramount Pictures Corporation chairman and CEO Brad Grey said, “We at Paramount are taking steps to ensure our business and creative plans are sound and viable for the long term.”
Media reports said Paramount would save $50 million per year from these measures. This follows Steven Spielberg‘s split from the studio.
As per the plan, Paramount is planning to release 12 homegrown films, including those under the MTV and Nickelodeon banners, plus four from Paramount Vantage and as many as four more from DreamWorks Animation and Marvel Studios.
Also, the company has announced that Adam Goodman will be moving from DreamWorks to Paramount Pictures as president of production, overseeing a creative staff who will manage the current DreamWorks projects and creative relationships, as well as new development for Paramount.
Brad Weston will continue as president of production for Paramount Pictures, and will supervise existing creative staff overseeing their ongoing development, talent relationships and new development.
Goodman will report to Paramount Film Group president John Lesher on creative areas.
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