As part of its cost-cutting efforts, Lionsgate is offering its U.S. employees a voluntary severance and severance plan, the company’s CEO said in a memo to employees on Monday.
“As we continue to move toward complete separation of Studios and Stars in a challenging operating environment, Lionsgate’s Executive Committee has implemented a multifaceted strategic plan to improve productivity and achieve greater cost efficiency. Approved,” Chief John Feltheimer said in an email.
The Santa Monica-based company’s job reduction targets were not disclosed in the memo, and company officials did not provide further details about the memo. As of its most recent annual report, Lionsgate employs 1,500 people worldwide.
The studio, which has a film and television library of 20,000 titles among its assets, has released “Borderlands” ($32 million worldwide), “The Crow” ($23.5 million), It released a series of underperforming titles, including in 1992. ‘ ($2.9 million), ‘The Killer’s Game’ ($5.8 million) and ‘Never Let Go’ ($8.3 million). This does not include Francis Ford Coppola’s “Megalopolis.” The studio distributed the film, but the director raised $4 million of his own money on a $120 million budget.
Lionsgate also gave employees an updated return-to-office policy, saying all executive vice presidents and above will be required to work on-site five days a week starting in the new year. “All other full-time Lionsgate employees are required to follow the current company policy of working in the office at least four days per week,” the CEO wrote. “We are a creative organization that relies on communication and face-to-face collaboration, and we need ‘all hands on deck’ to continue to operate effectively during this difficult time.”
Feltheimer, who has run Lionsgate since 2000, recently re-extended his contract with the studio, extending his CEO contract in August for five years until July 31, 2029. Lionsgate stock has fallen by about 30 shares since the beginning of the year. percent.
