Genius Lays Off 32 Employees in Restructuring1 May, 2008 By: Erik Gruenwedel
Citing ongoing restructuring, Genius Products Inc. has laid off 32 employees, or 14% of the staff, a spokesperson confirmed.
The Santa Monica, Calif.-based distributor — 70% owned by The Weinstein Co. — continues to diversify its content portfolio with higher-margin content, including video games and Christian titles.
Genius is also working with brands such as World Wrestling Entertainment and Sesame Street to expand content beyond packaged media and into electronic sellthrough, licensing, games and music.
The company, which posted a fiscal 2007 loss of $17.7 million on revenue of $474 million, has 2008 contractual obligations (royalty advances, leases etc.) exceeding $33 million, according to a regulatory filing.