Exciting news! Our sources at FilmmakerFocus have just revealed that Entertainment One, owned by Hasbro, is undergoing a round of layoffs that will impact about 20% of the indie studio’s film and television staff. This reduction is part of Hasbro’s ongoing transformational changes to reduce costs and increase growth rates and profitability. Hasbro spokesperson Roberta Thomson confirmed the news, but declined to comment further.
This announcement comes on the heels of Hasbro’s plan to cut 15% of its global workforce this year, or about 1,000 positions. It’s a tough time for the industry, and even Nick Meyer, President of Film at eOne, announced last month that he would be leaving when his contract ends in June.
But that’s not all – Hasbro is also in the final stages of selling a majority stake in eOne’s film and television assets. Lionsgate is currently the frontrunner, but sources say that things could still change. Legendary and distributor GoDigital Media Group are also in the running. Hasbro CEO Chris Cocks expects the sale to close by the end of Q2.
Stay tuned for more updates on this developing story. In the meantime, FilmmakerFocus has obtained a copy of the company memo sent out today by Steve Bertram, President of Film & Television, about the layoffs.
