Hasbro’s eOne to Lay Off 20% of Employees As Cost-Cutting Continues
thewrap.comwere first announced in late January as part of the company’s end-of-year and quarterly earnings reports, in which Hasbro reported a 9% year-over-year drop in revenue.“This workforce reduction is part of the ongoing transformational changes Hasbro announced in January to substantially reduce costs and increase growth rates and profitability,” said Hasbro spokesperson Roberta Thomson.Hasbro is also currently planning to sell off a majority stake in eOne, which co-produces films based on Hasbro IP as part of a production deal with Paramount including recent releases like “Dungeons & Dragons: Honor Among Thieves” and “Transformers: Rise of the Beasts,” as well as TV shows like Showtime’s “Yellowjackets.” Lionsgate and Legendary are among the contenders to purchase the majority stake, which was estimated by Hasbro CEO Chris Cocks to be sold by the end of this quarter..
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