Starz Announces Layoffs Ahead Of Separation From Lionsgate
Starz CEO Jeffrey Hirsch announced an organisational overhaul that included the layoff of over 10 per cent of the company's workers as well as the company's departure from the UK and Australian markets. This move comes as Starz prepares to split from parent firm Lionsgate in 2024, a process that has been pushed up owing to U.S. labour strikes and the ongoing completion of Lionsgate's Entertainment One acquisition.
The realignment comes after a period of streamlining for Lionsgate, which has seen approximately 150 layoffs in the last six months. Lionsgate also abandoned the Latin American market, shut down its Lionsgate+ streaming service (previously known as StarzPlay) and suspended all development in the region following a partial sale of its interest in MENA-based streamer StarzPlay Arabia as part of its strategic realignment.
According to reports, Starz's layoffs are intended to align the company with growth sectors and prepare it for independent operation. In addition, the network and streaming service is cutting costs by cancelling four shows: Heels, Run the World, Blindspotting, and The Venery of Samantha Bird. This is part of Lionsgate's effort to make Starz more appealing to potential buyers.
