Sony Pictures has become the latest major studio to announce substantial layoffs in response to the current recession. On Tuesday the Burbank-based company sent out email notices to its employees that it is laying off 250 of them and not filling about 100 open positions. "Today, 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," Michael Lynton, chairman and CEO of Sony Pictures Entertainment and Amy Pascal, co-chairman of Sony Pictures said in the email message, which was quickly posted on several industry websites. Most analysts blamed slackening DVD sales for much of the company's downturn. Theatrical sales have been strong, with Sony currently hitting it big with Paul Blart Mall Cop , which reportedly cost about $20 million to produce but has taken in about $130 million domestically to date.

11/03/2009