As a die-hard movie fan who has grown up with Lionsgate classics like The Hunger Games and Dirty Dancing, it’s disheartening to see the company going through such tough times. I remember the excitement of waiting for each new release, the joy of rewatching them, and the camaraderie of discussing them with fellow fans.
To help reduce expenses, Lionsgate is providing U.S. employees with the option of early retirement or severance packages, as stated by the company’s CEO in a memo sent out on Monday.
“In a tough business climate, our top management team has given the green light to a comprehensive strategy aimed at boosting efficiency and reducing costs as we work towards completely separating the studio from Starz,” wrote Jon Feltheimer in an email.
The memo from the Santa Monica-based company did not reveal any intended staff reduction target, and they chose not to provide further details about it. According to their most recent annual report, Lionsgate currently employs around 1,500 workers globally.
The studio, boasting a vast collection of over 20,000 films and TV shows, has recently launched a string of underperforming productions over the past two months. Among these are ‘Borderlands’ ($32 million worldwide), ‘The Crow’ ($23.5 million), ‘1992’ ($2.9 million), ‘The Killer’s Game’ ($5.8 million) and ‘Never Let Go’ ($8.3 million). It’s also worth mentioning ‘Megalopolis’, which the studio distributed but was self-funded by Francis Ford Coppola to the tune of a $4 million opening for a film with a budget of $120 million.
Lionsgate has revised its return-to-office plan, stating that executive vice presidents and higher positions must work from the office five days a week starting next year. Employees who are not executives will still have to follow our current policy of spending at least four days in the office each week. As a company focused on creativity, we value communication and teamwork, and it’s crucial for us to maintain a strong presence during these difficult times.
As a devoted admirer, I’m thrilled to share that Joe Feltheimer, who has been at the helm of Lionsgate since 2000, has renewed his contract with the studio. This extension keeps him in the role of CEO until July 31, 2029, a five-year tenure that starts from August this year. However, it’s important to note that so far this year, Lionsgate shares have seen a dip, around 30%, in the market.
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2024-10-01 00:55