Time Warner to cut 450 jobs from New Line Cinema
NEW YORK (Reuters) - Time Warner Inc will cut 450 jobs from New Line Cinema in a highly anticipated move following an earlier decision to fold the movie studio under the wing of Warner Bros Entertainment.
About 40 of New Line's employees will be offered new jobs at Warner Bros in positions that will not displace existing Warner Bros jobs, a Time Warner spokesman said.
Employees are being informed on Monday and Tuesday.
About 40 to 50 existing New Line employees will remain at the division renowned for its blockbuster hit franchises, including the "Lord of the Rings" series.
"We are moving quickly to improve our business performance and financial returns," Time Warner Chief Executive Jeff Bewkes said in February.
It was not immediately clear how much the company would save or what type of charges it would likely take as a result of the cuts.
The decision in February to fold the studio under Warner ended New Line's 40 years as an independent studio.
Bewkes, who took over the company that owns AOL and CNN in January has said few options to improving Time Warner's fortunes were off the table.