Hollywood production and distribution company Fifth Season recently announced that it had laid off 30 positions, which amount to 12% of its workforce. The decision comes as a result of the ongoing strikes by writers and actors in the industry, which have taken a toll on the company both financially and creatively.
Fifth Season, previously known as Endeavor Content, was formed after a dispute over packaging fees between Endeavor and the Writers Guild of America (WGA). As part of the resolution, Endeavor had to divest a majority stake in the business and change its name to Fifth Season. The company had been known as Endeavor Content since 2017.
Currently, Fifth Season is majority controlled by South Korean entertainment company CJ ENM, with Endeavor retaining a minority stake. The studio has been responsible for producing popular shows like Apple’s Severance, AMC’s Killing Eve, and the film 80 for Brady, among others.
Prior to these recent layoffs, eight people had already been let go from the company in late April, anticipating the strikes by both the WGA and SAG-AFTRA. The positions eliminated during this round of layoffs included executive and administrative roles.
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In a statement provided by a company spokesperson, Fifth Season expressed hope for a swift resolution to the strikes considering the significant impact they have had on the company. The spokesperson emphasized how the ongoing dispute has taken a financial, creative, and emotional toll on Fifth Season’s operations.
Fifth Season’s representative stated, “Today we made the difficult decision to reduce Fifth Season’s headcount due to the impact on our business operations as a result of the ongoing dispute between the AMPTP [Alliance of Motion Picture and Television Producers] and WGA & SAG-AFTRA. This resulted in the loss of 30 positions across executive and administrative roles, approximately 12% of our workforce. Our team is extraordinary and the reduction of staff by even one individual, let alone many, is heartbreaking. We are hopeful the growing financial, creative, and emotional toll of these strikes can be curtailed with a swift resolution and that every person in our industry can return to the business we are all passionate about: storytelling. We will emerge from this period well-positioned and ready to return to producing great films and television series.”
Fifth Season is not the only company feeling the financial impact of the strikes. Talent agency CAA recently parted ways with 60 of its employees, and Endeavor, which includes talent agency WME and UFC, estimates that the strikes will cost them around $25 million per month.
The WGA and the studios and streamers have restarted talks on resolving the strikes. However, the recent counteroffer presented by the studios was deemed unsatisfactory by the guild, as it fell short of their expectations.
In conclusion, Fifth Season is another casualty of the ongoing writers and actors strikes in the entertainment industry. The company has had to make the difficult decision to lay off 30 positions, representing 12% of its workforce. With hopes for a swift resolution to the strikes, Fifth Season, like many other companies in the industry, looks forward to returning to producing great films and television series.
