NEW YORK 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.
(Reporting by Kenneth Li; Editing by Andre Grenon)