Reddit Laying Off 5% Of Workforce, Joining Tech Sector Contraction

Paul Dano leads the way in taking over the GameStop stock in the first trailer for Dumb Money.

EXCLUSIVE: Hasbro-owned Entertainment One is undergoing a round of layoffs sources tell Deadline. The reduction is said to impact about 20% of the indie studio’s film and television staff.

were first announced in late January as part of the company’s end-of-year and quarterly earnings reports, in which Hasbro reported a 9% year-over-year drop in revenue.“This workforce reduction is part of the ongoing transformational changes Hasbro announced in January to substantially reduce costs and increase growth rates and profitability,” said Hasbro spokesperson Roberta Thomson.Hasbro is also currently planning to sell off a majority stake in eOne, which co-produces films based on Hasbro IP as part of a production deal with Paramount including recent releases like “Dungeons & Dragons: Honor Among Thieves” and “Transformers: Rise of the Beasts,” as well as TV shows like Showtime’s “Yellowjackets.” Lionsgate and Legendary are among the contenders to purchase the majority stake, which was estimated by Hasbro CEO Chris Cocks to be sold by the end of this quarter.

Kourtney Kardashian is pregnant!

EXCLUSIVE: APA’s Head of Music Bruce Solar is among a few music agents who are leaving the agency. A replacement for Solar will be announced shortly.

Naman Ramachandran Top Bollywood actor Kiara Advani will join Hrithik Roshan and NTR Jr in the cast of Yash Raj Films’ “War 2,” Variety has learned. Advani debuted with hit “Fugly” (2014) and has starred in several more hits since, including “M.S. Dhoni: The Untold Story” (2016), “Bharath Ane Nenu” (2018), “Kabir Singh” (2019), “Bhool Bhulaiyaa 2” and “Jug Jugg Jeeyo” (both 2022). She is also known for Netflix anthology “Lust Stories” (2018) and direct-to-digital Prime Video film “Shershaah” (2021). “War 2” will be directed by Ayan Mukerji, who previously helmed Disney’s Indian mythological superhero film “Brahmastra: Part One – Shiva.”

McKinley Franklin editor Season 5 of Netflix’s historical drama “The Crown” covers Peter Morgan’s reimaginations of some of the most polarizing experiences endured by the royal family in the ‘90s. Elizabeth Debicki, who plays the beloved Princess Diana, tells Variety’s Awards Circuit Podcast that she felt the “heaviness” and “weight” of playing the late icon. “It’s a unique experience playing a character where this tragedy is looming,” says Debicki. “It’s a strange, heavy place to exist in.” On this episode of the podcast, “The Crown” star Elizabeth Debicki talks to Adam B. Vary about playing a tragic real-life figure like Princess Diana, including the research that went into the role, and how she captured the voice of the former Princess of Wales. But first, on the Awards Circuit Roundtable, we look at the race as Emmy phase 1 voting begins. What shows benefitted from the FYC campaigns? And so much more. Listen below:

The impact of the ongoing writers strike on the talent agencies continue. APA has laid off a number of assistants. Junior agents, primarily in the lit department, which is the most affected by the work stoppage, have been asked to share assistants, sources tell Deadline.

K.J. Yossman “Lord of the Rings” owner Embrace Group has unveiled a dramatic company restructure including the appointment of a new COO, a new CSO, studio closures and lay-offs. “Today we announce a comprehensive restructuring program that will enable us to realize untapped potential in Embracer Group and better optimize the use of our resources. Across the group, we are now initiating multiple actions to strengthen our cash flow generation and leverage our portfolio of IPs to become a stronger company and setting out on a stable future to build even greater games to the benefit of gamers and fans across the globe ”, said Lars Wingefors, CEO and co-founder of Embracer.

reported the news for The New York Times.. “At the end of this process, we will have more than 100 beat reporters on teams.”Coverage of the NFL and English Premier League will remain similar because those stories attract a lot or interest from readers.

Elizabeth Olsen isn’t looking back.

Zack Sharf Digital News Director Elizabeth Olsen is currently on a break from the Marvel Cinematic Universe, and she’s definitely enjoying it. During a conversation with “The White Lotus” star Meghann Fahy as part of Variety’s “Actors on Actors” series, Olsen got honest about not missing her Scarlet Witch days. “Do you miss doing Wanda?” Fahy asked. “No, I don’t,” Olsen responded. “I think it’s been almost 10 years of playing her. And I’ve loved it. And I think the reason why I am not calling Kevin Feige every day with ideas is because I’m really proud of what we were able to do. I think ‘WandaVision’ was a really surprising opportunity.”

EXCLUSIVE: Crimson Media has brought on Matt Kniaz and Jerrold Rhee as managers. They also will join Crimson founders Matt Floyd and Matthew Seamons as Partners in the boutique management firm.

The Los Angeles Times announced newsroom layoffs today for the first time since biotech billionaire Patrick Soon-Shiong bought the paper in 2018. The cuts include 74 positions, representing about 13% of the total newsroom headcount.

Wall Street Journal broke the news, revealing that Reddit’s laying off employees and looking to cut down on costs in an effort to break even next year. Furthermore, the company’s previous projections of hiring 300 people by the end of 2023 have been slashed down to 100.A Reddit spokesperson declined to share the original memo but confirmed WSJ’s reporting in response to TheWrap’s request for comment.Other tech companies reduced their staff earlier in 2023, including Microsoft, Amazon and Alphabet.

Todd Spangler NY Digital Editor Reddit, the internet community discussion powerhouse, is cutting 90 jobs, laying off about 5% of its total employee base, as it restructure operations to position itself to break even in 2024. The job cuts were announced by Reddit CEO Steve Huffman in an email to staffers Tuesday. “We’ve had a solid first half of the year, and this restructuring will position us to carry that momentum into the second half and beyond,” Huffman wrote. Along with the layoffs, Reddit is reducing its hiring plans for the rest of 2023 to about 100 additional employees (previously it expected to hire 300). Reddit currently has around 2,000 employees worldwide.

One of Netflix’s biggest original movies is The Old Guard, which landed on the streaming service in the middle of the pandemic in 2020.

Todd Spangler NY Digital Editor Spotify is undertaking a “strategic realignment” of its podcast division, laying off about 200 staffers. Sahar Elhabashi, Spotify’s VP, head of podcast business, announced the job cuts in a memo to employees Monday that was shared publicly. The 200 employees represents about 2% of the audio streamer’s worldwide workforce. The layoffs come after Spotify cut 6% of its total headcount earlier this year and saw the exit of Dawn Ostroff, chief content and advertising business officer, who had previously headed Spotify’s podcast business “We are expanding our partnership efforts with leading podcasters from across the globe with a tailored approach optimized for each show and creator,” Elhabashi wrote. “This fundamental pivot from a more uniform proposition will allow us to support the creator community better. However, doing so requires adapting; over the past few months, our senior leadership team has worked closely with HR to determine the optimal organization for this next chapter. As a result, we have made the difficult but necessary decision to make a strategic realignment of our group and reduce our global podcast vertical and other functions by approximately 200 people, or 2% of Spotify’s workforce.”

Emmy Rossum spoke about playing Tom Holland’s mother in “The Crowded Room” during a chat with ET Canada’s Morgan Hoffman.

Welcome to The Eras Tour… Sabrina Carpenter?!?!