The cost-cutting effort also includes the elimination of 300 workers by the end of August that follow the layoffs of 500 employees earlier in the year.
Canadian media company Corus Entertainment has paused all development on new projects at subsidiary Nelvana Studios, a top kids content creator and distributor, for the next year, according to Kidscreen. Productions already in progress will continue. The move is just one step in an attempt to cut costs after a trying financial quarter; last year’s strikes and the general economic downturn are chief to blame, according to execs.
With the hiatus comes a wave of layoffs, including Nelvana VP Athena Georgaklis, who steps down July 26. A loyal Corus exec for over 20 years, Georgaklis was integral to the development of 6Teen, Atomic Betty and Totally Drama Island.
Corus co-CEOs Troy Reeb and John Gossling revealed in a Q3 earnings call on Monday that 300 workers will be eliminated by the end of August, coming on top of the layoffs of 500 employees earlier in the year.
Moving forward, Corus will focus more heavily on reality TV and reduce production of scripted kids’ content.
“Corus needs to be more agile than ever in our pursuit of growth opportunities in connected TV and premium digital video,” said Reeb. “While linear TV is no doubt in decline, it remains a crucial part of the advertising mix. Meantime, Corus is successfully supplementing linear audiences with massive volumes of premium digital video.”
Journalist, antique shop owner, aspiring gemologist—L'Wren brings a diverse perspective to animation, where every frame reflects her varied passions.
