EXCLUSIVE: Lionsgate, which continues to prepare to divest its studio operations from Starz, laid off employees at its film group on Thursday, sources tell Deadline. I hear the number is around a dozen.
The news follows the company, which said when it released its third-quarter results in February that it had cut about 150 jobs over the past six months, cutting 10 percent of its workforce across all businesses.
At the time, Lionsgate CFO Jimmy Barge said the layoffs were part of an effort to contain costs ahead of the proposed split.
Today’s layoffs are also part of the ongoing streamlining of Lionsgate’s motion pictures division, led by Chairman Joe Drake and Vice Chairman Adam Fogelson, tightening belts across all media companies in a difficult economic environment.
Two weeks ago, Lionsgate submitted a draft filing with the SEC for the studio’s proposed spin-off. The company expects the separation to be completed in the quarter to September.
Source: Deadline
Bernice Bonaparte is an author and entertainment journalist who writes for The Fashion Vibes. With a passion for pop culture and a talent for staying up-to-date on the latest entertainment news, Bernice has become a trusted source for information on the entertainment industry.
