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There are reports that pink slips will be handed out at the Sony Entertainment lot in Hollywood next week. The media conglomerate has been looking to cut costs and it is expected that most of the cuts will come in the corporate officers, not in the creative areas.
Deadline reported Friday that the layoffs may come as soon as Monday. A source told the site that there is panic, but the move is no surprise to some. The company had just hired Bain & Co. to find ways of cutting $100 million in operating costs.
According to TheWrap, Sony has been trying to find ways to get more efficient after investor Dan Loeb took his displeasure with the company public. CEO Kazuo Hirai and Sony Entertainment CEO Michael Lynton did agree that they need to be more open about the company.
Despite the corporate cuts, Sony is still getting in top talent to develop movies. It recently brought in Michael De Luca to bring in new projects.
Sony was criticized after both After Earth and White House Down failed at the box office, but the studio did rebound late in the year with American Hustle and Captain Phillips. Both films were nominated for Best Picture and were hits at the box office.
This year looks even better, since The Amazing Spider-Man 2 comes out in May.
image courtesy of Wikimedia Commons