Paramount Pictures is cutting back. As a result, the company, which is owned by Viacom Inc., is letting go of 110 of its employees.

The layoff of 110 employees is the latest round of job cuts for Paramount Pictures. These 110 employees represent 5 percent of Paramount's workforce.

According to a memo written by Paramount Chief Operating Officer Frederick Huntsberry to Paramount's employees, the job cuts represent an "organizational realignment."

"As our industry continues to adapt to an increasingly competitive environment, we are always ensuring that Paramount is conducting its business as efficiently and productively as possible," Huntsberry said in the memo.

Various departments of the film company will be affected: human resources, finance, information technology, legal and marketing and international home video distribution. Employees will be eliminated from several of Paramount's international offices as well as the company's Los Angeles studio-lot headquarters.

In 2008, Paramount Pictures, famous for classic films like Sunset Boulevard, employed over 3,000 workers. Today, Paramount Pictures only has about 2,200 employees. This is fewer employees than any other major Hollywood picture studio.

In Oct. 2011, Paramount Pictures laid off 120 of its employees.

That is just one of the ways Paramount Pictures is failing to keep up with the competition. This year, it had the smallest release slate of major Hollywood studios. Paramount Pictures did, however, enjoy a successful summer with film releases including Star Trek: Into Darkness and World War Z, which, according to the Box Office Mojo website, grossed $539 worldwide .

Recently, Paramount Pictures made a questionable move when the studio announced the postponing of The Wolf of Wall Street. The highly anticipated film stars Leonardo DiCaprio and was supposed to be released Nov. 15. According to Paramount Pictures, however, director Martin Scorsese needs more time to complete the work . It has yet to be determined if the film will be released before 2013's end (which is necessary if Paramount Pictures wants the film to be considered for the Oscars and other upcoming awards.)

Paramount's Pictures latest film, Jackass Presents: Bad Grandpa, will be released Oct. 25. The studio also has some upcoming films this year that are likely to get award nominations. This includes Labor Day and Nebraska. Paramount Pictures also plans on releasing some comedies including Jack Ryan: Shadow One and Anchorman 2: The Legend Continues.