Hasbro-owned Entertainment One is letting go of 10% of its movie and TV employees, Selection has confirmed.
In accordance with a memo from eOne’s head of movie and TV, Steve Bertram, the layoffs come amid a transfer to “evolve the main focus and construction of our group world wide” and is available in response to the “important disruption the standard studio mannequin was experiencing because the expertise giants invested closely of their platforms and the creation of unique content material,” which has been accelerated by the pandemic.
Latest years have seen the cementing of closely vertically built-in leisure firms, from Disney to AT&T-owned WarnerMedia to Comcast-owned NBCUniversal, which have all launched streaming companies.
Entertainment One, which was acquired by Hasbro in an all-cash $3.8 billion deal, shuttered its German theatrical distribution operation final fall and in 2019 halted direct theatrical distribution in Australia and New Zealand. Since being acquired by Hasbro, eOne is now answerable for all of Hasbro’s leisure slate, uniting “Peppa Pig” and “PJ Masks” with “Transformers” and “Dungeons & Dragons” underneath the identical roof, and final yr introduced former HBO president of programming Michael Lombardo on board to steer all of its TV operations.
“Whereas we extended taking this motion for so long as we might in consequence of the troublesome world local weather, it’s extra necessary than ever that our organizational construction displays the wants of the enterprise,” mentioned Bertram in his letter to employees.
Deadline first reported information of the layoffs.
Learn the complete memo under:
Over the previous a number of years, now we have shared with you our technique to shift our Movie and Tv enterprise in direction of higher management and inventive stewardship of high-quality IP. This shift was in direct response to the numerous disruption the standard studio mannequin was experiencing because the expertise giants invested closely of their platforms and the creation of unique content material. And the consequences of the pandemic have actually accelerated these seismic adjustments taking maintain throughout our business.
As a very platform-agnostic enterprise, we’re well-positioned to thrive within the new market, particularly with Hasbro’s iconic manufacturers. However, in evolving with the altering business dynamics as now we have, we should evolve the main focus and construction of our group world wide.
To that finish, I’m deeply saddened to share with you that now we have mentioned goodbye to a quantity of our colleagues as we speak and have commenced conversations with others about attainable adjustments to their roles. These staff members have delivered excellent work and demonstrated a staunch devotion to eOne all through their respective tenures and we’re immensely grateful to all of them. I wish to acknowledge their very important contribution to our enterprise and thank every of them for his or her dedication and numerous successes.
The roles affected by this reorganization symbolize 10% of our movie and tv workforce. For workers in impacted roles, we’re considering critically about different attainable alternatives throughout the enterprise.
To be clear, our reorganization shouldn’t be a outcome of poor enterprise efficiency through the pandemic; the business has been shifting for a very long time with consolidation across the new world platforms. Whereas we extended taking this motion for so long as we might in consequence of the troublesome world local weather, it’s extra necessary than ever that our organizational construction displays the wants of the enterprise. And, with the promising artistic pipeline throughout Movie and Tv in entrance of us and pandemic restoration hopefully on the horizon, it’s important that we’re set as much as tackle the alternatives forward.
We’re as we speak targeted on supporting our impacted colleagues and providing to departing staff members assist by severance and healthcare packages, along with skilled companies and help applications. Impacted staff members have been notified and have obtained extra particulars on a private foundation. To these departing as we speak and over the following few weeks, I wish to thank every of you to your contributions to eOne and provide each my help and that of our senior leaders as you concentrate on the long run. Please don’t hesitate to achieve out to us straight.
A quantity of enterprise leaders will likely be assembly with their groups to share extra details about our construction and imaginative and prescient for the long run.
Whereas days like as we speak are very troublesome, I proceed to be extremely optimistic concerning the future of our enterprise – and I’m trying ahead to delivering on our objectives collectively.
All my greatest,