Paramount Vantage, producer of the Oscar-winning There Will Be Blood, is the latest independent label to be merged into the larger operations of the same company, namely Paramount Pictures. The two will combine their marketing, distribution and production functions.
It is believed that three executive positions will be lost in the merger. Whether there will be further job loss is as yet unclear.
This follows Time Warner Inc.’s closure last month of its Picturehouse and Warner Independent Picutres film studios and prior to that, the absorption of New Line Cinema into Warner Bros.
(Source: Daily Variety)