As the parent company, Entertainment No. 1 has laid off about 20% of its staff Hasbro Implemented cost reduction program at toy manufacturer.
Hasbro spokeswoman Roberta Thomson said: “The layoffs are part of the ongoing transformational changes Hasbro announced in January to significantly reduce costs and improve growth and profitability.” hollywood reporter in a statement on Thursday.
In January 2023, Hasbro said it would cut 15% of its workforce, or 1,000 employees.The mass layoffs are part of a larger ongoing restructuring and cost-saving effort that the company has included in its TV and film division Entertainment One for sale. (The layoffs disclosed Thursday were part of plans for January.)
Sources at the toymaker said the cost cuts at eOne had nothing to do with the planned sale of its film and television division. Hasbro acquired the Toronto-based studio, which owns most of its entertainment assets, in 2019 and announced its intention to sell in mid-November 2022.
The process was kicked off by eOne founder Darren Throop Announce He will complete his employment contract before leaving the company at the end of 2022.As part of the planned sale, Hasbro is expected to retain key eOne assets such as Peppa Pig, Transformers and dungeons and dragons brand.
Sroop has in talks Acquires the video production and distribution division from Hasbro. The company hired JPMorgan and Centerview Partners to assist in the sale process.
Hasbro originally acquired eOne to develop the toymaker into a media contender, as it merged the independent studio’s film and television divisions with its own. The idea of becoming Marvel Studios’ Hollywood producer was conceived by former CEO Brian Goldner, who died in October 2021.
The pandemic has disrupted that media strategy, shutting down productions in Hollywood and delaying content delivery as the industry reopens. After fending off a proxy battle with activist investor Alta Fox Capital Management, Hasbro has now shifted its focus to becoming a digital gaming powerhouse.