Sony Pictures Entertainment is the latest company planning to slash jobs.

Several media outlets are reporting that the company will be laying off several hundred people.

The exact number was not provided, but sources told Variety that it would be a few hundred out of about 12,000 people.

It is part of a restructure, not necessarily for money but instead for strategy, according to The Hollywood Reporter.

The outlet said the company will expand game shows, add more content for platforms such as YouTube, and develop more intellectual property the company owns, such as “Peanuts” and PlayStation titles.

The Los Angeles Times noted that the “Spider-Man” franchise is one of Sony’s largest between the live-action and animated films. The latest, “Spider-Man: Brand New Day,” will be released this summer.

CEO Ravi Ahuja told employees about the plans in a memo this week, “While the industry around us continues to evolve, we are uniquely well positioned for this moment,” adding, “The demonstrated value of our independent television and film studios offers us the flexibility to move with the market — to partner broadly, match projects with the right platforms, and support our creative partners in bringing great stories to life. Furthermore, we are underpinned by strong franchises and brands. And our connectivity to the broader Sony Group ecosystem centers us for accelerated growth in anime and game IP adaptations."

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