Starz to lay off more than 10% of workforce ahead of Lionsgate spinoff

– Starz, the premium network and streaming service, is laying off more than 10% of employees and is exiting Australia and the U.K.
– The cuts will be in the high double digits but less than 100.
– Starz has about 670 employees.
– Lionsgate and Starz have been part of the same company since December 2016 , when Lionsgate acquired Starz for $4.4 billion.
– Starz announced last quarter it planned to exit Latin America to focus on the U.S., U.K. and Canada.
– Departing the U.K. will scale down the company’s operations and potentially prepare it to merge with or acquire another U.S.-based media asset, such as A&E Networks or Paramount Global’ s BET.
– Starz is also folding its Canadian business into its U.S. operations.
– Starz ended last quarter with about 12 million domestic streaming subscribers and about 20 million total customers when including those who sign up through traditional pay TV.
– The entertainment company has focused on female and Black audiences with series including “Outlander” and “Power.”

Link to the original story: https://www.cnbc.com/2023/11/03/starz-to-lay-off-more-than-10percent-of-employees.html