Annapurna, the indie media company founded by Megan Ellison, has enacted a significant round of layoffs — representing over 15% of the workforce.
Approximately 30 employees were pink slipped on Wednesday, the company confirmed. The layoffs come as Ellison has been quietly rebuilding her business after several years of near-dormancy. Ellison remains CEO.
“The reduction reflects business conditions. Annapurna is an independent entertainment and media company operating in shifting market conditions, and is realigning to meet the changing landscape,” a spokesperson told Variety.
Founded in 2011, the company is behind some of the most acclaimed auteur films of the past two decades, including Spike Jonze’s “Her,” “Phantom Thread,” “Vice,” “Zero Dark Thirty” and “Spring Breakers.” Ellison’s ambition soared in the years leading up to the COVID-19 pandemic.
Previously a producer who would partner with the major studios on theatrical film releases, the Oracle heiress decided to go it alone in the years leading up to the pandemic and distribute her own movies. The decision saddled Annapurna with roughly $200 million in debt, which she resolved personally in 2019.
More to come …
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