Layoffs In Works At Alcon

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deadline.com/2018/02/alcon-entertainment-layoffs-blade-runner-2049-father-figures-1202283705/

Layoffs In Works At ‘Blade Runner 2049’ Producer Alcon Amid Streamlining

Alcon Entertainment said today there will be layoffs as part of a restructuring of the production and finance company. The news comes after its big tentpole effort Blade Runner 2049 underperformed at the box office, as did the Owen Wilson-Ed Helms comedy Father Figures.

Alcon co-founders and co-CEOs Broderick Johnson and Andrew Kosove did not say how many layoffs were expected, but they were “confident that the adjustments we are making will enable us to keep pace with our industry’s newest opportunities.” They cited IP including expanding the Blade Runner universe and a new animated Garfield movie among upcoming projects. It has an output deal with Warner Bros.

The company did not return calls seeking comment.

“We look forward to Alcon’s third decade of supporting artists in the creation of content not only for the theatrical marketplace, but also for the linear, and the quickly emerging digital platforms,” Johnson and Kosove said. “We fully expect our company to thrive with our upcoming IP, including the expansion of the Blade Runner universe, a new, fully animated Garfield feature and other exciting projects. By becoming nimbler, and continuing to work with great creative partners, Alcon will be well positioned for its next phase of growth.

“Although this new direction requires us to modestly decrease the size of our work force here at Alcon,” they added, “the few layoffs effected by this streamlined business model are not central to our reorganization plans. Still, to those leaving our family, we will be forever grateful for their creative energies and effort.”

Alcon’s much-anticipated sequel Blade Runner 2049 bowed October 6, at a budget reported as anywhere from $150 million-$180 million as part of a $300M global spend. It failed to hit $100M at the domestic box office after a Columbus Day weekend opener scored just $36.7M. Its worldwide gross is now at $259.2M. It did net five Oscar noms in craft categories.

Father Figures has grossed just $22.7M globally after bowing via Warner Bros over Christmas.

The company was also in on the P&A for modest performer 12 Strong in a tie-up with Black Label Media and Warners.

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www.hollywoodreporter.com/news/alcon-entertainment-hit-by-layoffs-1083469

'Blade Runner 2049' Producer Alcon Entertainment Hit by Layoffs

After its losses from 'Blade Runner 2049,' the company said it is streamlining its operations.
Alcon Entertainment, having been hit with significant losses due to the muted box-office performance of Blade Runner 2049, said today that it is instituting a round of layoffs. The company did not reveal how many employees will be affected, although according to sources the number is expected to be fewer than 10. Alcon characterized the move as a modest streamlining and consolidation of its operations to become more efficient.

In a statement, Alcon co-founders and co-CEOs Broderick Johnson and Andrew Kosove said, “We look forward to Alcon’s third decade of supporting artists in the creation of content not only for the theatrical marketplace, but also for the linear, and the quickly emerging digital platforms. Ultimately, we are confident that the adjustments we are making will enable us to keep pace with our industry’s newest opportunities. By becoming nimbler, and continuing to work with great creative partners, Alcon will be well positioned for its next phase of growth.”

Alcon, along with Sony Pictures, produced last year’s Blade Runner 2049, Alcon’s first big franchise movie. Costing $155 million to produce after rebates and tax incentives, the futuristic sequel, which was released domestically by Warner Bros., went on to gross $260 million worldwide, and initial estimates were that it would result in a loss of about $80 million. Since Alcon shared some of those losses with Sony, it may have actually experienced a bigger loss on its recent comedy Father Figures. It fully financed the $25 million movie and also ponied up for P&A, but the film, released by Warners in December, has collected just $22.7 million worldwide.

More recently, Alcon backed the war movie 12 Strong, which cost about $36 million and has grossed nearly $48 million since its Jan. 18 release by Warners.

Johnson and Kosove said they remain committed to expanding the Blade Runner universe. The company has also acquired rights to the Garfield comic strip series and is planning a new animated Garfield movie through its output deal with Warners.

They also commented, “Although this new direction requires us to modestly decrease the size of our work force here at Alcon, the few layoffs effected by this streamlined business model are not central to our reorganization plans. Still, to those leaving our family, we will be forever grateful for their creative energies and effort.”

Feb. 9, 2:40 p.m. Updated to include details about the layoffs.