Sony Pictures Planning 300 Layoffs to Cut Costs

With declining profits this year in entertainment and electronics, Sony Corp. has ordered Sony Pictures Entertainment to layoff as many as 300 employees throughout its key business groups at the Culver City, California-based studio, including Sony Pictures, both domestic and international TV units and Sony Pictures Digital, the LOS ANGELES TIMES reported. The layoffs, which have already begun, could save as much as $75 million a year. Last week, Sony Pictures’ 73-year-old chairman John Calley announced his retirement.