Fifth Season has laid off 10% of its workforce, TheWrap has learned.
Roughly 20 individuals of the 160-person staff were impacted.
The news comes as TheWrap has previously reported that Fifth Season co-CEO Chris Rice has opted not to renew his contract and will exit the company at the end of the year. Fifth Season's other co-CEO Graham Taylor will take the helm as the company's sole CEO.
Rice will remain as an advisor to the company and continue working across some Fifth Season projects. He also will produce though a first-look deal with the studio.
Fifth Season's notable credits include Hulu's "Life & Beth" and "Nine Perfect Strangers"; HBO Max's "Tokyo Vice" and "Scenes From A Marriage"; Prime Video's "The Lost Flowers of Alice Heart," and Apple TV+'s "Surfside Girls," "Truth be Told," "Lady of the Lake," "The Savant," "Chief of War," "See" and "Severance."
A rep for Fifth Season did not respond to request for comment.