Sony (SNE) To Cut 450 Jobs: CNBC

Sony (NYSE: SNE) is planning to slash 450 jobs due to the decline in DVD sales.

According to CNBC, Sony Pictures Entertainment will cut the positions in March. Sony had laid off 250 employees and cut 100 open spots last year. Piracy has been considered to be one of the top reasons for these layoffs. DVD sales have suffered a double-digit decline due to piracy. In addition to piracy, marketing costs have also increased tremendously. Sony Pictures finished 2009 with 13.7 percent domestic market share.