Hasbro-backed Entertainment One (eOne) is letting go of 10% of its workforce across the film and television units, Realscreen has confirmed.
Streamlining efforts at the major studio are in direct response to changing viewer habits and the enduring economic challenges brought on by the COVID-19 pandemic.
EOne employs approximately 1,200 staff across all of its divisions.
The cuts were announced in a company-wide memo to staff from film & TV president Steve Bertram. The production outfit behind Growing Up Hip Hop and LA Burning: The Riots 25 Years Later said it’s been forced to reorganize in part because giants in the media sector have been shifting focus by investing heavily in their platforms and in creating original content.
In recent years, major players across the television landscape have migrated from a traditional linear method to a digital-first approach, with the likes of Discovery, The Walt Disney Company, WarnerMedia and NBCUniversal all launching individual streaming platforms.
Global entertainment and toy company Hasbro finalized its acquisition of eOne in December 2019 in an all-cash transaction valued at US$3.8 billion.
Under terms of the deal, Hasbro took ownership of the company’s entire film and TV production slate, including such unscripted series as WE tv’s Growing Up Hip Hop franchise and MTV’s Ex on the Beach, among many others. EOne, for its part, has been leveraging its capabilities in high-quality scripted and unscripted television development and production in an effort to bolster Hasbro’s “end-to-end ability to monetize and bring to market its IP” in a variety of formats, including OTT and premium platforms, music, location-based entertainment, AR and VR.
News of the layoffs was first reported by entertainment trade Deadline.
With files from Frederick Blichert