BREAKING… EXCLUSIVE: I’ve just learned that Lionsgate is laying off about 80 staff today from the merged company with Summit, including executives as high up as EVP. Insiders are begging me not to call this a bloodbath because enough people are freaked out already. The integration of Lionsgate and Summit is ongoing, and this move was expected to eliminate duplication. But it’s still horrible when it happens. Lionsgate is reducing the combined workforce of the two companies by approximately 12%. It’s unclear how many employees are actually being notified today. Lionsgate had about 500 employees prior to the merger, Summit about 175 employees. The total combined workforce will be approximately 575 which makes Lionsgate a bigger and more muscular company post-merger. I don’t have any breakdown of how many Lionsgate and how any Summit employees will be laid off, but I’m told motion picture and home entertainment are the areas with the greatest number of overlapping functions.
Editor-in-Chief Nikki Finke - tip her here.