MUMBAI: Following Lionsgates purchase of Summit
Entertainment last January, the former has begun laying
off about 80 of its employees.
of the layoffs came in the motion picture and home entertainment
divisions, where the two companies had the most overlap
and staff reductions were expected, it is said.
lay-offs represent 12 per cent of the combined company.
Of a total staff of 675, Lionsgate has about 500 employees,
while Summit has around 175. The company is aiming at
bringing the number down to around 575.
Last Friday the company announced that its COO Steve
Beeks had signed a new long-term agreement and is also
taking on the additional title of president of the Lionsgate
motion picture group.
the growth of our combined operations through the recent
Summit acquisition and a combined feature film slate
that is now capable of generating a billion dollars
a year at the North American theatrical box office alone,
Steve's ongoing focus on financial discipline, cost
control and overhead management is more critical than
ever," Lionsgate CEO Jon Feltheimer said in a statement.
Feltheimer, Beeks will also report to Lionsgate motion
picture group co-chairs Rob Friedman and Patrick Wachsberger
in his new president role for that division.