Warner Bros.

Alcon Entertainment said today there will be layoffs as part of a restructuring of the production and finance company. The news comes after its big tentpole effort Blade Runner 2049 underperformed at the box office, as did the Owen Wilson-Ed Helms comedy Father Figures.

Alcon co-founders and co-CEOs Broderick Johnson and Andrew Kosove did not say how many layoffs were expected, but they were “confident that the adjustments we are making will enable us to keep pace with our industry’s newest opportunities.” They cited IP including expanding the Blade Runner universe and a new animated Garfield movie among upcoming projects. It has an output deal with Warner Bros.

The company did not return calls seeking comment.

“We look forward to Alcon’s third decade of supporting artists in the creation of content not only for the theatrical marketplace, but also for the linear, and the quickly emerging digital platforms,” Johnson and Kosove said. “We fully expect our company to thrive with our upcoming IP, including the expansion of the Blade Runner universe, a new, fully animated Garfield feature and other exciting projects. By becoming nimbler, and continuing to work with great creative partners, Alcon will be well positioned for its next phase of growth.

“Although this new direction requires us to modestly decrease the size of our work force here at Alcon,” they added, “the few layoffs effected by this streamlined business model are not central to our reorganization plans. Still, to those leaving our family, we will be forever grateful for their creative energies and effort.”

Alcon’s much-anticipated sequel Blade Runner 2049 bowed October 6, at a budget reported as anywhere from $150 million-$180 million as part of a $300M global spend. It failed to hit $100M at the domestic box office after a Columbus Day weekend opener scored just $36.7M. Its worldwide gross is now at $259.2M. It did net five Oscar noms in craft categories.

Father Figures has grossed just $22.7M globally after bowing via Warner Bros over Christmas.

The company was also in on the P&A for modest performer 12 Strong in a tie-up with Black Label Media and Warners.

Original Article

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