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Annapurna Pictures Hit With Layoffs, Including CFO James Pong – Variety

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Megan Ellison’s Annapurna Footage has enacted a spherical of layoffs, reaching as excessive as chief monetary officer James Pong, insiders informed Selection.

4 inventive executives had been eradicated, two from the movie division and two from tv, in addition to two assistants along with Pong, based on sources. These seven workers signify practically ten p.c of the employees, mentioned one other insider.

An Annaupurna spokesperson confirmed a “modest variety of layoffs as a result of present financial local weather.”

The fiscal conservatism comes

Annapurna is already a considerably leaner operation right now than it was a 12 months in the past — having spun out its theatrical distribution arm into the free-standing United Artists Releasing, and breaking apart its New York workplace and relegating departments like theater and movie to earn a living from home.

Selection reported completely final summer season that Annapurna, strapped with tens of tens of millions in losses from Oscar gamers like “Destroyer” and “Vice,” had resolved greater than $200 million in debt from lenders and was forging forward with financing from Ellison alone.

Extra to return …

 

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