Lionsgate was hit with layoffs on Thursday as 50 staffers, or approximately 5% of its workforce, were let go.
Lionsgate endured layoffs earlier this year as 5% of the staff was notified their jobs were eliminated, representing a total headcount reduction of 13% across the company. These additional layoffs are part of corporate cost-cutting measures amid an “industry environment characterized by unprecedented change and disruption,” Lionsgate’s CEO Jon Feltheimer said in a note to staff.
“We are continuing to adapt our organization to these changes in order to compete successfully,” Feltheimer wrote in the memo. “As part of this process, we separated Lionsgate and Starz into independent standalone companies earlier this year, and we are continuing to monetize non-core assets, re-allocate our resources to growth areas of the business and reduce costs.”
He continued, “These are difficult decisions impacting colleagues with whom we have collaborated for years and who have made valuable contributions to Lionsgate’s success, and we will make their transitions as smooth as possible.”
More to come…