Annapurna Pictures Lays Off CFO James Pong, Film and TV Executives (EXCLUSIVE)

Megan Ellison’s Annapurna Pictures has enacted a round of layoffs, reaching as high as chief financial officer James Pong, insiders told Variety.

Four creative executives were eliminated, two from the film division and two from television, as well as two assistants in addition to Pong, according to sources. Those seven employees represent nearly ten percent of the staff, said another insider.

An Annaupurna spokesperson confirmed a “modest number of layoffs due to the current economic climate.”

The fiscal conservatism comes as a direct marching order from Larry Ellison, Megan’s billionaire father and the founder of Oracle. One person familiar with Annapurna said overhead remains a concern of Paul Marinelli, Larry Ellison’s number two and head of his financial estate Lawrence Investments. Another company insider disputed this, saying cuts were made in the name of efficiency.

Annapurna is already a significantly leaner operation today than it was a year ago — having spun out its theatrical distribution arm into the free-standing United Artists Releasing, and breaking up its New York office and relegating departments like theater and film to work from home.

Variety reported exclusively last summer that Annapurna, strapped with tens of millions in losses from Oscar players like “Destroyer” and “Vice,” had resolved more than $200 million in debt from lenders and was forging ahead with financing from Ellison alone.

More to come …