Paramount Reorganizes, Catches Up With Future
Paramount announced plans on Monday to launch a major reorganization in response to such relatively new phenomena as digital distribution and simultaneous openings of films domestically and overseas. Studio Chairman Brad Grey said that its DVD, digital and television licensing units will be combined into a new division called Home Media Distribution. Paramount's overseas operations, currently based in London, will be transferred to Los Angeles. "This new structure will allow us to more effectively take advantage of worldwide opportunities, adjust to the changing marketplace and propel us forward on a unified, global basis," Grey said in a statement.