Fifth Season, the production company behind “Severance” and “80 for Brady,” has been hit with another round of layoffs due to the historic Hollywood double strike.
The cost-cutting measures impacted 30 executive and administrative roles, totaling 12% of the company. Thursday’s layoffs follow a previous round of cuts in April that decreased 2% of its staff, including eight executives.
“Today we made the difficult decision to reduce Fifth Season’s headcount due to the impact on our business operations as a result of the ongoing dispute between the AMPTP and WGA & SAG-AFTRA,” a spokesperson for Fifth Season said in a statement. “This resulted in the loss of 30 positions across executive and administrative roles, approximately 12% of our workforce. Our team is extraordinary and the reduction of staff by even one individual, let alone many, is heartbreaking”
“We are hopeful the growing financial, creative, and emotional toll of these strikes can be curtailed with a swift resolution and that every person in our industry can return to the business we are all passionate about: storytelling,” the statement continued. “We will emerge from this period well-positioned and ready to return to producing great films and television series.”
The studio has produced Apple TV+ series “Severance,” Paul Mescal-led Hulu series “Normal People,” “Cha Cha Real Smooth,” “The Lost Daughter,” “Killing Eve,” “Tokyo Vice,” “80 for Brady,” “Book Club 2: The Next Chapter” and “The Night Manager.”
In April, departing staffers included marketing SVP Beth McPhee, communications SVP Sharon Liggins and Jennifer Saull, who served as counsel for TV business and legal affairs, as well as several creative directors and coordinators.
The production company was first launched as Endeavor Content in 2017 before it rebranded to Fifth Season in September, 2022. The rebrand resulted from a deal struck by Korean studio CJ ENM to acquire an 80% stake in the company, while Endeavor retained the remaining 20%. At the time, the company was valued at around $1 billion and comprised of 220 employees.
The post ‘Severance’ Producer Fifth Season Lays Off 12% of Workforce Due to Strikes appeared first on TheWrap.