Read The Memo Just Sent To 110 Employees Layed Off At Paramount

"The dismissals come a month before Viacom's quarterly earnings. Paramount has been one of the least active distributors in Hollywood in recent years."

Paramount is laying off 110 employees across several departments including finance, human resources, information technology, international home media distribution, legal and marketing.

According to an internal memo sent by Paramount COO Frederick Huntsberry this morning and obtained by The Wrap, the film studio is adapting to "an increasingly competitive environment."

Staffers will be let go both on the lot and overseas.

"This was not unexpected," reports Deadline, noting "Phillipe Dauman gave a speech at the Goldman Communicopia recently, and indicated the studio would be trimming its ranks by watching movie and TV costs."

The Wrap continued to explain that "Paramount is a subsidiary of Viacom and has long been very conscious of its bottom line. The dismissals come a month before Viacom's quarterly earnings. Paramount has been one of the least active distributors in Hollywood in recent years."

Indeed, Paramount has not released a movie this year since Brad Pitt's "World War Z," which opened in June. Its next movie is "Jackass Presents: Bad Grandpa," opens Oct. 25.

Here's the internal memo: