Lions Gate Entertainment, which is enjoying a wild ride with its “Saw” franchise and its Emmys for “Mad Men,” announced Friday that it was laying off 8% of its workstaff across the board,including production, television, home entertainment, business affairs and legal.
Out of a workforce of 550, the Santa Monica-based studio eliminated 41 positions. The layoffs should save the company some $10 million annually, out of its $140 million overhead.
The moves may come as a treat to corporate raider Carl Icahn, who recently bought about 9% of the company, which many on Wall Street felt as an overture to an corporate raid on the company. Icahn has said he thought Lions Gate was undervalued and could perform better.
The Los Angeles Times take from reporter Claudia Eller on Lions Gate’s woes is below: