Sony Pictures tells Variety it is laying off a ‘few hundred’ staff

Sony Pictures Entertainment (SONY) told Variety that is overhauling its operations with plans for a “few hundred” layoffs across its film, TV, and corporate units globally. People close to the decision making process told Variety’s Jennifer Maas that the layoffs are not a “cost-driven exercise,” but rather a “targeted and strategic” choice for growth in other key areas, including franchise strategy and brand extension, anime, experiences, next-gen content, platform-native content and utilization of YouTube (GOOGL), and Sony Group ecosystem connectivity, including video game adaptations.