2 weeks ago
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A few months ago, Megan Ellison‘s Annapurna Pictures seemed to be mounting a comeback with the splashy sale of Olivia Wilde’s “The Invite” and some high-profile hires.
Alas, that return to the center of the cinematic culture may have hit a speed bump as the indie studio behind “Zero Dark Thirty,” “The Master,” and “Her” announced that it is slashing 16% of its staff, or 30 of its nearly 190 employees.
A spokesperson for the company told Variety that “the reduction reflects business conditions.” They went on to note that “Annapurna is an independent entertainment and media company operating in shifting market conditions, and is realigning to meet the changing landscape.”
The cuts come as Ellison’s brother, Paramount Chairman David Ellison, is trying to wrap up an antitrust lawsuit that threatens his proposed $110 billion merger with Warner Bros. Discovery. State attorneys general are partly suing to block the union over fears about potential job losses in the entertainment sector brought about by consolidation. The Ellisons are the children of Oracle founder Larry Ellison, one of the richest men in the world.
Megan Ellison initially had a much higher profile than her brother and was hailed for her exquisite taste, backing auteurs like Paul Thomas Anderson, Kathryn Bigelow, David O. Russell, Spike Jonze, Richard Linklater and more. But after Annapurna moved from financing its movies to distributing them in 2017, costs rose, flops piled up, and Megan Ellison scaled back her ambitions. In 2023, the company’s distribution arm was folded into United Artists Releasing.
Annapurna has been more active in recent years, backing “The Testament of Ann Lee,” a critical success, albeit a box office underperformer, and “The Invite,” which sold to A24 for more than $12 million out of Sundance. A piece in The Hollywood Reporter last March announced “Megan Ellison Is Hiring: Annapurna Mogul Revs Up Movie Ambitions Again,” reporting that the company had brought back veteran execs Chelsea Barnard and Matthew Budman as co-heads of film. It revived hopes that Megan Ellison might return to being the Medici of the movie business, backing the kind of risky, cutting-edge films that major studios like Warner Bros. and Paramount aren’t really making too much anymore.
In the statement to Variety, the spokesperson for Annapurna said, “We understand that those employees impacted are being supported through the transition. We’re still looking into whether any top level executives were let go.”
What odd wording. That does seem like the kind of thing you want to figure out before sending out a pink slip.
English (US) ·