Paramount Pictures is closing its New York-based film distribution office, according to a studio insider.

The studio will lose a total of five executive positions; three jobs are being moved to Los Angeles. The move follows the merging of Paramount's home video, licensing and digital divisions last week.

A rival studio executive said Paramount employees began putting out job feelers to his company over the weekend.

The shuttering of the film studio's New York operation follows the end of several output deals for the studio, with Marvel and DreamWorks Animation films no longer in the Paramount pipeline.

It also follows a major restructuring of Paramount's home entertainment and licensing operations, which was announced last week.

With the closure, Paramount is the only major studio without a New York-based film distribution operation.