Entertainment
Panavision plans layoffs during a coronavirus pandemic
“The decisions we make are global and have had a different impact on our offices around the world,” said the post-production center.
Panavision, a leading provider of Hollywood film and TV series production and postproduction services, began what are believed to be layoffs in North America amid the COVID-19 pandemic.
“The COVID-19 pandemic had a significant impact on the industry and production stopped. Panavision has taken the necessary steps to secure the future of our businesses, and unfortunately we have had to make the difficult decision to put some of our “, said a spokesman for Panavision at its headquarters in Woodland Hills, California, in a press release obtained by The Hollywood Reporter.
“We are doing everything we can in these difficult times to be ready to support the industry as soon as the production teams can get back to work. As for the level of impact on our workforce, the decisions we make are global and have affected our offices around the world to varying degrees. We are constantly monitoring and reviewing the situation in accordance with local governments to assess when the industry can safely resume normal operations.” add the statement.
The news comes as entertainment companies seek to conserve cash and cut spending, sometimes through layoffs, to manage the uncertain fallout from the virus crisis.
The holidays follow Hollywood and local production in Canada and elsewhere in the world is virtually closed for safety during the coronavirus epidemic. In turn, the major Hollywood studios have made drastic changes to their 2020 and 2021 release schedules for tents.
Last year, Saban Capital Acquisition abandoned its intention to merge with Panavision and the Canadian production company Sim Video International in a transaction valued at approximately $ 622 million.
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