New Line Cinema to become unit of Warner Bros

NEW YORK, Feb 28 (Reuters) - Time Warner Inc (TWX.N) said on Thursday it will consolidate its New Line Cinema film studio under Warner Bros. Entertainment.

New Line's Co-Chairmen and Co-CEOs Robert Shaye and Michael Lynne have elected to leave the studio, which will become a unit of Warner Bros., but are in discussions about possible future business relationships with the company, Time Warner said. (Reporting by Tiffany Wu, editing by Phil Berlowitz)