Entertainment One produces “Yellowjackets” for Showtime.
Kailey Schwerman/SHOWTIME
Hasbro’s Entertainment One has cut another 10 percent of its workforce as a $500 million deal to sell the division to Lionsgate nears scheduled completion this month. The Hollywood Reporter has confirmed.
It is understood that prior to the eOne-Lionsgate merger, expected in the last week of December, eOne employees were told who would be welcomed into the Hollywood studio once the purchase agreement was finalized and which employees would not or could not be retained by Lionsgate be continued after a short transition period.
In June 2023, eOne cut another 20 percent of its workforce as parent company Hasbro sought to reduce the toymaker’s overall costs and put its film and television division up for sale. Hasbro acquired the Toronto-based studio in a $4 billion cash transaction in 2019 and announced its intention to sell eOne in mid-November 2022.
An earlier plan by Hasbro to have eOne expand the toy maker as a media rival with its own film and television division was overturned by newly installed CEO Chris Cocks, who turned the company’s focus to developing a digital gaming powerhouse after taking a Proxy battle with an activist investor had been fended off.
Lionsgate eventually stepped forward and acquired certain assets of eOne, including a content library of nearly 6,500 titles and active productions for non-Hasbro intellectual properties like that Yellow jackets, The beginner And Naked and afraid Franchises as well as the eOne unscripted business.
eOne’s film and TV business sold also includes Hasbro’s interest in Entertainment One Canada Limited’s Canadian film and TV business. Hasbro, in turn, will focus on brand assets such as after the sale of eOne Peppa Pig, Transformers And Dungeons what becoming a digital gaming giant looks like.
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