{"id":570176,"date":"2023-04-14T04:21:16","date_gmt":"2023-04-14T01:21:16","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/lionsgate-cuts-staff-in-film-division\/"},"modified":"2023-04-14T04:21:16","modified_gmt":"2023-04-14T01:21:16","slug":"lionsgate-cuts-staff-in-film-division","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/lionsgate-cuts-staff-in-film-division\/","title":{"rendered":"#Lionsgate Cuts Staff In Film Division"},"content":{"rendered":"
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\n Layoff season isn\u2019t over at Lionsgate\u2019s film division. <\/p>\n

\n The company, based in Vancouver and headquartered in Santa Monica, laid off a dozen employees in its Motion Picture Group, a source confirms to The Hollywood Reporter<\/em>. The cuts impact about 3 percent of the division, which totals about 400 employees. <\/p>\n

\n The pink slips hit the group shortly after the March 24 global bow of John Wick: Chapter 4<\/em>, the company\u2019s flagship Keanu Reeves-starring franchise, which has nabbed $306 million so far, as well as the January release of Gerard Butler thriller Plane<\/em>, which has grossed $52 million worldwide. (The company also distributed Guy Ritchie\u2019s Operation Fortune: Ruse de Guerre<\/em>, co-financed by\u00a0Miramax\u00a0and STX Entertainment, stateside, where it grossed $6.5 million domestically in March.) <\/p>\n

\n The layoffs are the latest in a series<\/a> of smaller cuts made at the Jon Feltheimer-run Lionsgate over the past six months. \u201cIn terms of overall cost and corporate overhead, I would just note that we have quietly reduced our workforce by app<\/a>roximately 150 full-time employees or approximately 10 percent of our workforce,\u201d CFO Jimmy Barge told investors during a Feb. 9 earnings call. \u201cWe\u2019ve done this through restructurings and managing open positions.\u201d The company had 1,448 employees as of last May, per its annual report.<\/p>\n

\n Lionsgate\u2019s Motion Picture Group has a full slate, and is readying new installments in the Saw<\/em>, Expendables<\/em> and Dirty Dancing<\/em> film franchises as well as prepping a November release for prequel Hunger Game<\/a>s: Ballad of Songbirds and Snakes<\/em>. Last fall, Lionsgate reupped several executives to new deals, including its film division chief Joe Drake, who inked a new long-term agreement. <\/p>\n

\n Significant layoffs have hit multiple entertainment companies in recent months \u2014 notably rolling layoffs at Warner Bros. Discovery last year and now a similar plan in place at Disney \u2014 as studios balance their content spend with new belt-tightening scrutiny from Wall Street investors with an eye on the bottom line. <\/p>\n

\n Barge, on the February earnings call, said the cuts were part of a plan to \u201cmanage cost across the board including programming spend, marketing\u201d as well as general<\/a> and administrative expenses heading into 2024. The moves are also being made ahead of a long planned spinoff of Lionsgate\u2019s premium cable brand Starz into a standalone company, which executives hope will unlock more shareholder value for investors once they\u2019re separated. The new target timetable for that separation is September of this year. <\/p>\n

\n Lionsgate stock, which has fallen significantly since 2021, has been on an upswing in the early part of this year to close at $11.47 a share as of April 13. <\/p>\n

\n Deadline <\/em>first reported Thursday\u2019s film cuts.<\/p>\n<\/p><\/div>\n