Lionsgate Offers Voluntary Severance, Early Retirement Program

Dow Jones10-01

By Connor Hart

Lionsgate is offering a voluntary severance and early retirement program to its U.S.-based employees, a move the entertainment company's top executive says will allow it to adapt its workforce to a disrupted business environment.

The program is part of a strategic plan approved by Lionsgate's Executive Committee that aims to enhance productivity and achieve greater cost efficiencies, CEO Jon Feltheimer said in a company memo.

The voluntary severance and early retirement program isn't related to Lionsgate's recent box office run, according to people familiar with the matter.

Also under the strategic plan, all executive vice presidents and above will be required to return to the office five days a week, effective Jan. 2. All other full-time employees will be required to adhere to the company's policy of working in the office at least four days a week.

"We are a creative organization that relies on communication and in-person collaboration, and we need 'all hands on deck' to continue to operate effectively in these challenging times," Feltheimer wrote.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

September 30, 2024 14:19 ET (18:19 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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