news 1 week ago

Alcon Entertainment to Reduce Operations, Cutting Jobs

Variety

Alcon Entertainment, which has seen mixed box office performance in recent years, has announced that it’s streamlining and consolidating its operations in order to capitalize on new opportunities for content providers.

The company was founded in 1997 and produced “The Blind Side,” “P.S., I Love You,” “The Sisterhood of the Traveling Pants,” “The 33,” “Point Break,” “Prisoners,” “Transcendence,” “Father Figures,” “12 Strong,” and “Blade Runner 2049.” “The Blind Side” was a major hit in 2009 with more than $300 million in worldwide box office. “Blade Runner 2049,” which was also financed by Sony, grossed $260 million worldwide.

Co-CEOs Broderick Johnson and Andrew Kosove did not disclose how many jobs would be cut. The company has a long-standing output deal with Warner Bros. for its movies.

“We look forward to Alcon’s third decade of supporting artists in the creation of content not only for the theatrical marketplace, but also for the linear, and the quickly emerging digital platforms,” the duo said in a statement.

“Ultimately, we are confident that the adjustments we are making will enable us to keep pace with our industry’s newest opportunities,” Johnson and Kosove added. “We fully expect our company to thrive with our upcoming IP, including the expansion of the Blade Runner universe, a new, fully-animated Garfield feature, and other exciting projects.  By becoming nimbler, and continuing to work with great creative partners, Alcon will be well positioned for its next phase of growth.”

The statement added, “Although this new direction requires us to modestly decrease the size of our work force here at Alcon, the few layoffs effected by this streamlined business model are not central to our reorganization plans. Still, to those leaving our family, we will be forever grateful for their creative energies and effort.”

The company was backed by FedEx founder and chairman Frederick W. Smith and its first major feature film was the 1999 comedy “Lost and Found.” After its second film “My Dog Skip” performed well in 2000, Alcon signed a long-term worldwide distribution agreement with Warner Bros.

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