Entertainment One is set to cut its film and TV workforce by 10 percent, or around 60 employees, The Hollywood Reporter has confirmed.
The budget chop follows the studio, which employs around 1200 employees, being acquired by Hasbro and integrated into the U.S. toy maker.
Besides the film and TV division, which accounts for around half of eOne’s staff count, Hasbro also acquired a licensing and digital division around kids properties like Peppa Pig, PJ Masks and Ricky Zoom.
Hasbro, which released its latest financial results on Feb. 8, pointed to lower full-year TV and film revenues due to COVID-19 related shut downs for live-action productions and shuttered movie theaters.
Hasbro acquired eOne in 2019 as part of a $4 billion all-cash transaction. At the time, the Canadian-based studio had shaped its business around Designated Survivor producer Mark Gordon and eOne Television; the family unit, driven by its Peppa Pig and PJ Masks franchises; international sales and production operation Sierra/Affinity; partnership in Amblin Partners with Steven Spielberg, Participant Media and Reliance Entertainment; and Brad Weston’s film and TV producer Makeready.
Gordon and eOne subsequently rejigged their relationship, with the veteran Hollywood producer shifting to production after serving as president and chief content officer for film, television and digital, leading all creative units.