Lionsgate Lays Off 20 Employees
Another batch of pink slips are being handed out at the cost-cutting studio led by CEO Jon Feltheimer.
Lionsgate on Friday handed out another 20 pink slips to employees of the Hollywood studio.
The latest job cuts aim to reduce Lionsgate's corporate overheads amid industry shifts to digital and streaming platforms. It also represents the second round of cost-cutting at the studio this year after another 25 employees were let go in January, mostly from the motion picture group's marketing and distribution division.
The latest job cuts are understood to have fallen on employees in corporate offices, and follow similar cost reductions elsewhere in a media industry adjusting to new digital and streaming competition.
At the same time, a second round of layoffs this year, and Starz CEO Chris Albrecht recently signaling he will exit the network in March, could have Wall Street watchers once again speculating the Hollywood studio is positioning itself for a sale down the road.
Albrecht has been with Starz for nearly a decade, and his departure comes as the network becomes more fully integrated with parent Lionsgate, which acquired Starz and its various properties in 2016 for $4.4 billion.
Going forward, COO Jeffrey Hirsch will oversee Starz leadership alongside Lionsgate CEO Jon Feltheimer.
The 20 layoffs come from a Lionsgate workforce of around 1,575 employees.