Lionsgate-Summit Laying Off 12% Of Staff: Film And Home Entertainment Hit Hardest

Inside The Summit And Lionsgate Merger: Layoffs Are The Order Of The Day 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 abloodbath because enoughpeople are freaked out already. The integration ofLionsgate 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 workforceof the two companies by approximately 12%.It’s unclearhow many employees are actually being notified today.Lionsgate had about 500 employees prior to the merger, Summitabout 175 employees.The total combinedworkforce 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 toldmotionpicture and home entertainment are the areas with the greatest number of overlappingfunctions.