Megan Ellison’s Annapurna Lays Off 30 Employees

Annapurna, the indie media company founded by Megan Ellison, has enacted a significant round of layoffs representing over 15% of its workforce. Approximately 30 employees were pink slipped on Wednesday, the company confirmed. The layoffs come as Ellison has been quietly rebuilding her business after several years of near-dormancy. Ellison remains CEO. “The reduction reflects business conditions. Annapurna is an independent entertainment and media company operating in shifting market conditions, and is realigning to meet the changing landscape,” a spokesperson told Variety. Founded in 2011, the company is behind some of the most acclaimed auteur films of the past two decades, including Spike Jonze’s “Her,” “Phantom Thread,” “Vice,” “Zero Dark Thirty” and “Spring Breakers.” Popular on Variety Ellison’s ambition soared in the years leading up to the COVID-19 pandemic. Previously a producer who would partner with the major studios on theatrical film releases, the Oracle heiress decided to go it alone and distribute her own movies. The decision saddled Annapurna with roughly $200 million in debt, which she resolved personally in 2019. As her brother David Ellison battles to acquire Warner Bros. Discovery and merge it with Paramount, Megan has been plotting a comeback. A March report said she had re-hired two early architects of Annapurna’s success: Chelsea Barnard and Matthew Budman. In addition to feature films and television, Annapurna also has an active gaming division and a hand in live theater. Recent Annapurna productions include Boots Riley’s “I Love Boosters” and Olivia Wilde’s “The Invite,” an awards contender this season which just crossed $50 million in worldwide box office grosses.