eOne is shutting down its U.K. theatrical distribution business, owner Hasbro has confirmed to Variety.
Hasbro acquired eOne in 2019 for $3.8 billion. The theatrical business in the U.K. was robust at that point with titles like “The Aeronauts,” “Sorry We Missed You” and “Official Secrets” displaying decent legs at the box office.
In early 2020, eOne scored a mighty box office success with Sam Mendes’ awards season darling “1917,” which grossed more than $57 million in the U.K. There was a steady flow of releases in the months following.
From 2021, a series of cost-cutting measures began, with eOne announcing that it would be laying off 10% of its film and television staff. This was followed by eOne selling its music division to The Blackstone Group for $385 million.
By August 2022, Hasbro was looking to sell off its media assets. In November 2022, Hasbro put eOne on the block less than three years after acquiring it. Since then there have been several suitors for the company with Lionsgate emerging as the latest one.
In early 2023, Hasbro revealed that it would be laying off some 15% of its global headcount, some 1000 positions.
Meanwhile, eOne continued operating its theatrical business in the U.K., a market hard hit by the pandemic. In June 2023, the box office total was $114.8 million, 28% lower than June 2022, according to numbers released by Comscore. Year-to-date 2023 was running 7% behind the same period in 2022.
Recent months have seen the beleaguered Cineworld multiplex group restructure and going into administration but continuing to operate while Empire cinemas also went into administration, shuttering six branches.
More to come.
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