Sony Pictures Entertainment to cut hundreds of film and TV jobs

Sony Pictures Entertainment plans to laic disconnected a fewer 100 employees globally successful a determination to restructure its business.

The cuts, announced Tuesday afternoon, are acceptable to impact employees who enactment crossed Sony’s film, TV and firm divisions. These changes aren’t cost-driven, arsenic Sony is alternatively hoping to prioritize maturation nether caller concern strategies implemented by its caller main executive, Ravi Ahuja.

“As we thin into those priorities, we request to run with greater focus, speed, and alignment to fortify our differentiated capabilities,” said Ahuja successful a statement. “To enactment our growth, we are aligning our enactment with wherever the concern is going — not wherever it has been. That requires changes to however we are structured and wherever we invest.”

Ahuja, who was promoted conscionable implicit a twelvemonth ago, added that the institution is ”reducing roles successful definite areas portion expanding absorption and concern successful others that are astir captious to our future.”

Sony plans to absorption connected franchise strategy and marque hold with crippled shows, arsenic good arsenic make much anime, experiences and put successful contented that volition link with a younger audience. This includes much crippled adaptations and increasing its YouTube capabilities.

One of the studio’s biggest franchises is the “Spider-Man” universe, which includes some live-action films starring actors similar Tom Holland and the Oscar-winning animated “Spider-Verse” movies. The workplace is acceptable to merchandise the latest live-action installment, “Spider-Man: Brand New Day,” this summer. The erstwhile movie “Spider-Man: No Way Home” was a large triumph for Sony arsenic it generated $1.9B globally.

Sony Pictures operates nether its Japanese genitor institution Sony Group Corp, alongside different subsidiaries similar Sony Music Group and Sony Electronics. The movie workplace was established successful 1987 and maintains a beardown beingness successful Culver City.

Recently, the workplace acquired the “Peanuts” comic successful a $457-million deal, reupped the “Reading Rainbow” for a YouTube assemblage and is moving connected PlayStation adaptations for video games similar “Helldivers” and “God of War.”

The institution has besides combined its game-show radical with its nonfiction TV section and is slowing down areas of its concern that person debased growth, similar the VFX and virtual accumulation studio, Pixomondo.

The layoffs are the latest stroke to the movie industry, arsenic productions proceed to question a location overseas successful pursuit of taxation credits, and arsenic less projects are being greenlit by large studios.