Lionsgate Offering Employees Voluntary Severance Amid “Disrupted Business Environment”
deadline.comLionsgate is offering its U.S. employees a voluntary severance and early retirement program amid a contracting media and entertainment landscape that’s resulted in widespread and ongoing industry layoffs.
The company, which cut jobs and slashed TV producer deals as it absorbed eOne, is starting now with a voluntary approach. But, as these things go, layoffs could be a next step depending upon how many staffers take up the packages, which are focused at Lionsgate Studios.
Deadline hears they’ve been in the works for some time and are not related to the company’s recent bum box office run — although that likely hasn’t helped. “We are offering Lionsgate U.S.-based employees a voluntary severance and early retirement program that will allow us to adapt our workforce to the disrupted business environment,” Lionsgate CEO Jon Feltheimer said in a memo to staff obtained by Deadline. “We thank you for your cooperation and support in making this plan a success and enabling Lionsgate to strengthen its position as a global entertainment leader.” It’s a very tough time to be working in the sector.
Last week alone, Disney began another round of layoffs hitting about 300 staffers as part of a cost cutting push. And Paramount Global laid off hundreds in an ongoing move to cut about 15% of its workforce and save $500 million.
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