CBS Films will be folded into CBS Entertainment Group over the course of 2019, the company said on Friday.
An individual with knowledge of the situation told TheWrap that there are expected to be layoffs beginning as early as March, and that the company will continue to finish the movies that are currently shooting or that are currently in production, while at the same time pivoting the development slate towards the streaming platforms.
The individual also told TheWrap that the move is a response to the shifting market place.
“As part of our ongoing optimization of CBS operations, CBS Films will be folded into the larger CBS Entertainment Group over the course of 2019,” the company said in a statement. “This will allow the company to further focus its entertainment resources on its television, digital and streaming businesses. Prior to shifting its focus to streaming-centered content, the division will continue to execute their distribution and marketing strategies in support of forthcoming releases ‘Five Feet Apart,’ ‘Scary Stories to Tell in the Dark,’ ‘Pavarotti,’ and ‘Lexi.’ We are grateful for the continued leadership of Terry Press and the passionate efforts of everyone at CBS Films.”
The studio’s biggest success in recent years was 2016’s “Hell or High Water,” which earned approximately $38 million at the box office worldwide on a budget of $12 million. The film garnered critical acclaim as well, with four Oscar nominations, including best picture, best original screenplay, achievement in editing and a best supporting actor nod for Jeff Bridges.
CBS Film’s most recent movie, “At Eternity’s Gate,” starring Willem Dafoe has also garnered acclaim, earning Dafoe a Golden Globe nomination. The film grossed a little more than $2 million at the box office in 2018.
Films currently in production include “Five Feet Apart,” “Scary Stories to Tell in the Dark,” “Pavarotti” and “Lexi.”