Paramount Pictures head Brad Grey has resigned after a year of major losses at the studio
Grey resigns following one of the worst years in the studio's history, with losses nearing $450 million, according to The Hollywood Reporter.
There will likely be other major changes coming to the studio's parent company, Viacom, as Shari Redstone, daughter of titan Sumner Redstone, is now in full control of the conglomerate.
Grey, who has run Paramount since 2005, wrote in his memo obtained by Business Insider, that "it has been my honor to work with a group of wildly talented storytellers. The core of our successes has always been their unique ability to entertain and inspire people around the world."
While searching for a replacement, the studio will be run by an interim committee that will report to new Viacom CEO Bob Bakish.
The complete Grey memo is below: