EXCLUSIVE: Dune and Oppenheimer VFX firm DNEG is facing significant layoffs at its London headquarters. The renowned company, which has won seven Academy Awards, is currently undergoing a redundancy consultation process that will result in approximately 70 employees leaving its base in Fitzrovia, Central London. With around 900 staff in the UK, these layoffs will account for roughly 7.5% of the workforce. The layoffs will affect various departments, including lighting, tech, and rigging, and are attributed to the global economic downturn rather than the recent Hollywood strikes. Other VFX firms in the UK are also feeling the impact of these challenging times.
DNEG, known for its work on films like Dune: Part Two, Oppenheimer, and The Last of Us, has a stellar reputation in the industry. The company has received Oscars for its contributions to films such as Inception and Tenet. Led by Namit Malhotra, DNEG operates offices in various locations worldwide, including London, LA, Vancouver, Mumbai, Chennai, Montreal, Bangalore, Toronto, and Sydney, employing over 10,000 professionals.
While DNEG’s latest financial results showed impressive growth, with revenues increasing by 33% to $409M and adjusted EBITDA surpassing $100M, the economic landscape has since changed significantly. The company has yet to release its full-year 2023 results, which will likely reflect the current challenges faced by the industry.
Philippa Childs, the head of UK broadcasting union Bectu, expressed her organization’s commitment to supporting affected members and closely monitoring the situation. She acknowledged the challenging and uncertain times faced by film and TV workers globally.
This news comes amidst a difficult week for the international business community. Viaplay, a Nordic company, announced approximately 450 layoffs, while Germany’s ProSiebenSat.1 revealed a similar number earlier this week.
DNEG has chosen not to comment on the layoffs at this time.
