EXCLUSIVE: Lionsgate will be reducing 5% of its companywide staff, Deadline has learned.

Approximately 50 staff overall will exit in a move that adds to a previous trim. The earlier layoff constituted 8% of staff, which will mean Lionsgate will have lightened its head count by 13% when this round of bloodletting is done.

The purpose of the headcount reduction is corporate belt-tightening, as all companies in the industry are doing, including the ongoing attrition at Paramount Global after its acquisition by David Ellison’s Skydance . Co

This will be it for Lionsgate, making it more efficient as it positions the company for the future growth, sources said.

Lionsgate chief Jon Feltheimer has just sent an internal memo that Deadline got hold of. Here it is:

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