Lionsgate Studios (LION) is eliminating an additional 5% of its companywide workforce, according to a Thursday internal memo from Chief Executive Jon Feltheimer.

The move follows a previous 8% reduction, Feltheimer said in the memo, adding that the layoffs are part of a strategy to "adapt" the company to an industry facing "unprecedented change and disruption."

The company is also proceeding with monetizing non-core assets, lowering costs and reallocating resources to "growth areas of the business," Feltheimer said.

Lionsgate didn't immediately respond to a request for comment from MT Newswires.

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