Chinese movie ticketing platforms Maoyan Dianying and Weiying Times have reportedly reached a merger agreement, which is spurring Weiying Times to reduce its workforce from 2,000 employees to 500, according to a source familiar with the matter. Layoffs are expected to be announced by the end of August.
Another source gave slightly different figures for the cuts, saying that Weiying Times currently has approximately 1,500 employees and will lay off about 1,200 personnel.
Online media outlet BiaNews contacted several Weiying Times employees, who all said that they had either left the company within the past two months or had recently tendered their resignation.
The source who reported that the two platforms had reached a merger agreement said that Maoyan Dianying will purchase only the "movie ticket and performance ticket" business of Weiying Shidai. It will not acquire Weiying Times' independently financed sports consumption platform "Weisai," which will continue to be operated separately by Weiying Shidai Technology.
A representative for Weiying Shidai said that the company will make a media announcement once the facts of the matter have been firmly determined. Maoyan Cultural Media, operator of Maoyan Dianying, also declined to comment on the matter.
Editor's Note: For more information on this topic, please see "Rumor: Movie Ticketing Platforms Maoyan, Weiying Near Merger Agreement," MD 7/27/17 issue.