More layoffs at Lionsgate

March 27, 2009 The mini-major eliminated 45 jobs Friday by laying off 27 employees, making another 10 full-timers either independent contractors or consultants and deciding not to fill eight open positions. The job cuts and a hiring freeze initiated in the summer should reduce the studio's annual overhead from about $135 million to $120 million, sources said, about equal to 8% of Lionsgate's expected fiscal year revenue of $1.5 billion. The savings should put a smile on the face of shareholder Carl Icahn, who has been so disappointed in his Lionsgate investment that he has threatened a proxy fight.

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