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Hollywood continues to reel from job cuts as a popular Los Angeles area post-production studio announced a plan to ax more than 80 workers.
Burbank-based Roundabout Entertainment is planning to lay off 81 employees starting on December 29, according to the Los Angeles Times.
An executive not authorized to speak about the planned cuts told the outlet that the firings are part of a restructuring plan put forward by new ownership.
Roundabout Entertainment was founded in 1992 and has locations in Santa Monica and Atlanta. Rather than actually producing films, it offers end-to-end finishing services such as color correction and subtitling.
This news comes as as Disney is weighing thousands of job cuts, telling managers to find 20% in yearly cost savings under the new CEO Josh D’Amaro.
Back in September, Disney also fired about a couple hundred workers. The company even dismissed nearly the same amount of staffers from Pixar, National Geographic and ESPN over the summer.
After Paramount’s merger of Warner Bros. Discovery, fears of a massive layoffs have been in the minds of many in the entertainment industry. CEO David Ellison pledged to wring at least $6 billion in annual savings within three years, which would translate to thousands of jobs being cut.
A 120-day report assessing the potential economic and workforce impacts of the Paramount and Warner Bros. acquisition also confirmed that “4,500 direct film and television jobs, more than 10,000 total job-years, and $4.06 billion in business output are at risk.”
Gov. Gavin Newsom signed two bills in September to support the film industry by expanding California’s television tax credit program and even called for a $1 billion Hollywood tax this week following massive layoffs in the entertainment industry.
