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"The decision to take this step was difficult", Sony bosses Michael Lynton and Amy Pascal told staffers in an internal memo. "But it's being done in the context of a strategy designed to help us safeguard our competitiveness and chart our own course through these troubled waters."

Variety said the layoffs are expected to go into effect by the first week in March and will impact a range of personnel, including senior-level executives.

About 100 open positions at the studio will remain unfilled, as well, the entertainment industry trade newspaper said.

The layoffs were blamed on an increase in online piracy, decrease in home video sales and the current economic climate, Variety said.

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