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Hasbro to Lay Off 1,000 Staffers, 15 Percent of Workforce, Amid Cost-Savings Push - Hollywood Reporter

Hasbro to Lay Off 1,000 Staffers, 15 Percent of Workforce, Amid Cost-Savings Push - Hollywood Reporter

Hasbro to Lay Off 1,000 Staffers, 15 Percent of Workforce, Amid Cost-Savings Push - Hollywood Reporter
Jan 26, 2023 57 secs

“We are focused on implementing transformational changes aimed at substantially reducing costs and increasing our growth rates and profitability,” Hasbro CEO Chris Cocks said in a statement.

“While the full-year 2022, and particularly the fourth quarter, represented a challenging moment for Hasbro, we are confident in our Blueprint 2.0 strategy, unveiled in October, which includes a focus on fewer, bigger brands; gaming; digital; and our rapidly growing direct to consumer and licensing businesses.”

In selling eOne, Hasbro articulated a strategy in which it leans into franchise brands like Transformers, Peppa Pig, and Dungeons & Dragons, including in entertainment, though it may do so without its in-house studio.

Hasbro looked to the eOne deal in 2019 to make the toy maker into a media contender as it combined the indie studio’s film and TV unit with its own.

Seeing off Alta Fox’s proxy battle challenge marked a victory for newly-installed CEO Cocks amid the toy maker’s drive towards becoming a gaming powerhouse.

Following the death of CEO Brian Goldner, Cocks became the company’s top exec after serving as president and COO of the Wizards of the Coast and Digital Gaming division.

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