Layoff season at Lionsgate's film department isn't over yet.
The Vancouver-Santa Monica-based company has laid off a dozen Motion Picture Group employees, a source confirmed to The Hollywood Reporter . The cuts affect around 3 percent of the division with around 400 employees.
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The Pink Papers arrived shortly after the March 24 world premiere of John Wick: Chapter 4 , the company's flagship franchise starring Keanu Reeves, which has grossed $306 million to date, and the release of Gerard Butlers Thriller Airplane in January. grossed $52 million worldwide. (The company also distributed Guy Ritchie's Operation Fortune: Ruse de Guerre , co-financed by Miramax and STX Entertainment, in the United States, where it grossed $6.5 million domestically as of March.)
The sackings are the latest in a series of small cuts made at Lionsgate under John Feltheimer over the past six months. "In terms of overhead and corporate overhead, I just want to point out that we have quietly reduced our workforce by about 150 full-time employees, or about 10 percent of our workforce," CFO Jimmy Barge told investors. Result call. . February 9th. "We have achieved this through restructuring and managing vacancies." According to the annual report, the company employed 1,448 people in May last year.
Lionsgate Motion Picture Group has a full line of films and is preparing new installments in the Saw , The Expendables and Dirty Dancing film series and the November release of the prequel The Hunger Games: The Ballad of Songbirds and Snakes . Last fall, Lionsgate rehired several executives to new contracts, including film boss Joe Drake, who signed a new long-term deal.
Several significant layoffs have impacted multiple entertainment companies in recent months, most notably the ongoing layoffs at Warner Bros. A similar plan, unveiled last year, is now underway at Disney as studios streamline their content spending with new controls from Wall- Balancing street investors with an eye on the bottom line.
In the February earnings report, Barge said the cuts are part of a plan to "manage spending across the board, including programming, marketing" and general and administrative spending through 2024. Lionsgate's premium cable brand Starz transformed into an independent company, whose executives hope that investors will achieve more shareholder value after the spin-off. The new target date for this division is September of this year.
Lionsgate shares, which have fallen sharply since 2021, surged earlier this year to close at $11.47 per share on April 13.
Deadline first announced the film's editing on Thursday.
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