Lionsgate-Summit Laying Off 80, Signs Long-Term Deal With COO Steve Beeks

Layoffs, the result of January purchase of Summit by Lionsgate, amount to 12 percent of the workforce

LionsgateSummit is laying off about 80 people on Friday, the same day the company announced it has signed a new, long-term agreement with co-COO Steve Beeks, an individual familiar with the situation has told TheWrap.

The company already had announced earlier Friday that Beeks, a 14-year Lionsgate veteran, would not only continue as co-COO, along with Joe Drake, but become president of Lionsgate's Motion Picture Group, the job that has been held by Drake.

The company would not comment on the layoffs, or on Drake's status.

The layoffs — amounting to about 12 percent of the company — are part of the integration of Summit Entertainment into Lionsgate, which bought Summit for $412 million in January.

At the time, Lionsgate had about 500 employees, and Summit had 175.

Most of the people being laid off are in motion picture and home entertainment. The layoffs are mainly in areas where functions overlapped.

Also read: Done Deal: Lionsgate Buys Summit for $412.5 M

Beeks, meanwhile, has signed a long-term agreement to remain co-COO, along with president. As such, he will continue to report to Lionsgate CEO Jon Feltheimer. As president, he will report to Lionsgate Motion Picture Group co-chairs Rob Friedman and Patrick Wachsberger.

Beeks will "be responsible for corporate operations and administrative matters for the combined entity, and he will continue to play a key role in the Company's strategic direction," the company said in a statement. He also has direct oversight of Lionsgate U.K. and the Company's home entertainment operations."

In the Motion Picture Group, he will focus on business, financial and planning decisions.

Beeks joined Lionsgate's predecessor company, Artisan Entertainment, in 1998. There, he was president of home entertainment. In 2004, he was named president of Lionsgate. His title was expanded to include co-chief operating officer in 2007.