Paramount Vantage will continue as a production label under president Nick Meyer. But the 2-year-old studio's marketing, distribution and physical production departments will be taken over by its parent. Three senior positions are being cut, including that of Vantage distribution executive vp Rob Schulze.

The art-house division partnered with Miramax Films on both best picture Oscar winner "No Country For Old Men" and "There Will Be Blood," for which Daniel Day-Lewis won the best actor statuette. Other notable releases included "Into the Wild" and "An Inconvenient Truth."

Studio specialty divisions have taken a hit in Hollywood recently. Warner Bros. last month shuttered its Warner Independent Pictures and Picturehouse units.

Reuters/Hollywood Reporter