Peace Arch Entertainment on Wednesday unveiled plans to cut 23 jobs as part of a restructuring of its entertainment division.

The Toronto-based producer and distributor said the job losses, to be completed over the next two months, will result in annual cost savings of around $2.4 million.

Peace Arch gave no indication where the cuts will be concentrated, but said the workforce reduction was the first step in a cost-reduction program to help fend off a deepening industry downturn.

The move also comes as the company recently bolstered its international sales arm as well as its North American theatrical distribution and home video businesses, and beefed up its TV development slate.

The cost efficiencies also follow three major acquisitions in 2007: the Castle Hill/Dream film library, the Trinity Home Entertainment U.S. DVD distribution business and the Dufferin Gate Productions studio facility in Toronto.