DC parent Warner Bros.’ cutbacks will be broader than previously disclosed, affecting all divisions as part of an effort to reduce annual costs by $200 million, according to the LA Times. Warner Bros. CEO Kevin Tsujihara announced the cuts at a Time Warners investors meeting today.
The cutbacks had first been revealed last month (see "Warner Bros. Braces for Lay-Offs"), in the wake of Time Warner’s rebuff of Rupert Murdoch’s acquisition offer. The pressure is now on to increase earnings to show that the price Murdoch offered can be beat through internal growth of earnings.
Warners division DC Entertainment is finalizing plans for a move of the rest of its functions to Burbank early next year (see "DC Comics Leaving New York") and will lose some staff in the process, but did not respond to an earlier request for comment on the net staffing impact, if any, of the Warner Bros. move.
Warner Bros. announced an aggressive slate of DC-based films today (see "Warners Announces 9 More DC Movies").
Wall Street liked what it heard from Time Warner; the stock is up over 2.5% as of this writing, on a day when the overall market is down around 1.5%.
Looking for $200 Million a Year
Posted by ICv2 on October 15, 2014 @ 2:03 pm CT
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