Sony Pictures Entertainment, grappling with slumping DVD sales and a worsening economy, plans to cut about 300 jobs, or about 4% of its workforce, through layoffs and by eliminating open positions, according to a person familiar with the situation.
The cuts could come as early as next week, the person said. A Sony spokesman declined to comment.
Sony is the latest Hollywood studio to lay off employees, following cutbacks at Warner Bros., Universal Pictures and Paramount Pictures.
In recent months, in an effort to trim costs, Sony reduced travel and entertainment expenses, restricted overtime pay and filled open positions with temporary workers.
The moves, however, haven't been enough to offset concerns about the company's performance in the current and upcoming quarters, said a person familiar with the matter.
Sony Pictures, a unit of Japanese electronics giant Sony Corp., saw revenue for the quarter that ended Dec. 31 slide 8% to $1.9 billion because of lower DVD and television program sales.