Gaumont Scales Down U.S. Operations, Anticipates Big Losses (EXCLUSIVE)

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Gaumont, the once thriving French studio behind “The Intouchables” and “Narcos,” is set to rejig its film and TV strategy as it anticipates heavy losses in 2019. Variety can…

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can reveal that the company has all but shut down its TV distribution operations in the U.S., recently axing 12 employees, including Vanessa Shapiro, president of worldwide distribution, and her team.vice-CEO Christophe Riandée, and Gene Stein, who took over as president of Los Angeles-based Gaumont Television U.S. in 2015, following the exit of Katie O’Connell Marsh, whose latest venture, TV outfit Platform One Media, was acquired by Canada’s Boat Rocker Media in September.

Other shows, including Netflix’s “Arsene Lupin” with Omar Sy, originate from the company’s European outpost. Explaining the results in its latest financial report, Gaumont said 2018 and 2019 were “transition years” after the company sold its exhibition business in 2017 to invest in series production in the U.S., U.K. and Germany.Under O’Connell Marsh’s leadership, Gaumont was once regarded as the first French company to establish itself in the highly competitive U.S.

The rise of streamers and the accompanying competition among U.S. producers to secure shows has also made it more difficult for Gaumont to consistently grow its business Stateside. Sources point to the sale as a grave misstep, as selling its exhibition business – once a lucrative source of recurrent revenues, as well as the most profitable segment of Gaumont’s activities – has now put the firm in a vulnerable position given the number of players banking on premium content production.

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