Starz plans to lay off 10% of its staff and exiting the UK and Australia ahead of its separation next year from Lionsgate. The news was relayed to employees today in a memo from CEO Jeffrey Hirsch and confirmed to Deadline by a person familiar with the moves.
Starz was acquired by Lionsgate in 2016 for $4.4 billion, but the parent company has explored a number of strategic scenarios for it over the past couple of years.
The final separation plan, which has been delayed in recent months for several reasons, is set to take effect early in 2024, making the two companies separate publicly traded entities.
After investing in an ambitious plan to expand its streaming service around the world, Starz has been narrowing its scope in recent months.
Read more on deadline.com
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