Newly formed Radial entertainment The group faced layoffs following the merger of Shout Studios and FilmRise as part of what the company called “an overall integration effort to identify redundancies and streamline operations while repositioning Radial for long-term growth.”
“Any associated workforce reductions are the result of a thorough assessment of our current business to date and preparations to support our strategic roadmap. We are deeply grateful for the dedication and contributions of our departing colleagues and wish them every success,” the company said.
Radial merged last summer when in Los Angeles Oaktree Capital Management continued acquisition in 2023 Scream! Studios with a deal for FilmTakeoffa leading independent distributor of digital streaming content. Shout previously acquired Gravitas Ventures. Garson Fus, CEO and co-founder of Shout! Studios is the CEO of Radial Entertainment, and Danny Fisher, CEO and co-founder of FilmRise, is the executive chairman.
“Moving forward, Radial remains focused on growth, continuing to elevate our company as an innovator and thought leader in the digital streaming industry. We are committed to delivering unparalleled value to our partners, customers and audiences while continuing to build our ever-expanding and diverse library of over 70,000 titles and episodes.
The extent of the cuts could not be confirmed. They were there last week and included about 14% of employees in finance, marketing, operations and e-commerce, Deadline reported.
