Lionsgate is offering its U.S. employees a voluntary severance and early retirement program amid a contracting media and entertainment landscape that’s resulted in widespread industry layoffs.

The entertainment company’s CEO said the move will allow it to adapt its workforce to a disrupted business environment.

In a move to cut costs, Lionsgate is offering employees in the United States voluntary severance and retirement packages, its CEO wrote in a memo to staff on Monday. “As we continue to move toward the full separation of the studio and Starz in a challenging operating environment,

Lionsgate has offered voluntary severance packages and early retirement to its US-based workforce, citing “a challenging operating environment”.