The newly formed Radial Entertainment Group has seen layoffs following the merger of Shout! Studios and FilmRise as part of what the company called a “company-wide integration effort to identify redundancies and streamline operations, re-positioning Radial for long-term growth.”
“Any associated reduction in workforce is a result of a thorough evaluation of our current business today, while preparing to support our go-forward strategic roadmap,” the company said in a statement. “We are deeply grateful for the dedication and contributions of our departing colleagues and wish them every success ahead.”
Radial came together last summer when Los Angeles-based Oaktree Capital Management followed up its 2023 acquisition of Shout! Studios with a deal for FilmRise, a leading indie distributor of digital streaming content. Shout! previously had acquired Gravitas Ventures. Garson Foos, CEO and co-founder of Shout! Studios, is CEO of Radial Entertainment, with Danny Fisher, CEO and co-founder of FilmRise, as 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,” the company’s statement added. “We are committed to delivering unparalleled value to our partners, customers, and audiences, as we continue to build our ever-expanding and diverse library of over 70,000 titles and episodes.”
The extent of the cuts couldn’t be confirmed. Deadline hears they happened last week and comprised about 14% of staff across finance, marketing, operations and e-commerce.
