MGM-Pathe Slashes Work Force: About 300 employees,...

MGM-Pathe Slashes Work Force: About 300 employees, representing nearly a third of the work force, at newly formed MGM-Pathe Communications have been fired by the company’s new ownership in the past week, a spokesman has confirmed. “The layoffs are very unfortunate, but they were made in order to avoid duplication of administrative functions,� said spokesman Craig Parsons. Pink slips were issued two weeks after Italian financier Giancarlo Parretti completed his $1.36-billion buyout of the legendary MGM-UA studio. The deal was financed partly by selling off home video and TV rights to its film library. Parsons said no more layoffs are planned. “This should be all the reductions for now,� he said.