Sony Pictures Entertainment plans to lay off a few hundred employees globally in a move to restructure its business.
The cuts, announced Tuesday afternoon, are set to affect employees who work across Sony’s film, TV and corporate divisions. These changes aren’t cost-driven, as Sony is instead hoping to prioritize growth under new business strategies implemented by its new chief executive, Ravi Ahuja.
“As we lean into those priorities, we need to operate with greater focus, speed, and alignment to strengthen our differentiated capabilities,” said Ahuja in a statement. “To support our growth, we are aligning our organization with where the business is going — not where it has been. That requires changes to how we are structured and where we invest.”
Ahuja, who was promoted just over a year ago, added that the company is ”reducing roles in certain areas while increasing focus and investment in others that are most critical to our future.”
Sony plans to focus on franchise strategy and brand extension with game shows, as well as develop more anime, experiences and invest in content that will connect with a younger audience. This includes more game adaptations and growing its YouTube capabilities.
One of the studio’s biggest franchises is the “Spider-Man” universe, which includes both live-action films starring actors like Tom Holland and the Oscar-winning animated “Spider-Verse” movies. The studio is set to release the latest live-action installment, “Spider-Man: Brand New Day,” this summer. The previous movie “Spider-Man: No Way Home” was a major win for Sony as it generated $1.9B globally.
Sony Pictures operates under its Japanese parent company Sony Group Corp, alongside other subsidiaries like Sony Music Group and Sony Electronics. The film studio was established in 1987 and maintains a strong presence in Culver City.
Recently, the studio acquired the “Peanuts” comic in a $457-million deal, reupped the “Reading Rainbow” for a YouTube audience and is working on PlayStation adaptations for video games like “Helldivers” and “God of War.”
The company has also combined its game-show group with its nonfiction TV department and is slowing down areas of its business that have low growth, like the VFX and virtual production studio, Pixomondo.
The layoffs are the latest blow to the film industry, as productions continue to seek a home overseas in pursuit of tax credits, and as fewer projects are being greenlit by major studios.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.latimes.com ’
