Streamer And Specialty Distributor Cineverse Reveals Layoffs

Streamer and specialty film distributor Cineverse has revealed that layoffs have hit its workforce of 375 employees. In its report of fiscal first-quarter earnings on Thursday, the company said it completed a “reduction in force” after the June 30 end of the quarter. The move will result in $1.8 million in annual cost savings, the company said. Executives did not offer specific estimates for the number of positions affected by the cuts, but they stem from the recent acquisitions of media services firm Giant Worldwide and ad tech company IndiCue Along with the job cuts, the company said it has identified $4.8 million in cost reductions and synergies, bringing the target number to $13 million in “annualized cost reductions and synergies.” Most of those efficiencies will be realized by the end of September. Related Stories Cancellations and Renewals Keanu Reeves Motorcycle Racing Series 'Hooligans' Renewed For Season 2 On Samsung TV Plus