Time Warner closes 2 film studios
LOS ANGELES (AP) - May 8, 2008 The move is the latest in a series of cost-cutting efforts by
Time Warner President and CEO Jeff Bewkes (BYOO-cuss) since he took
over as chief executive Jan. 1.
Despite the move, Chief Operating Officer Alan Horn says he is
confident the spirit of independent filmmaking will continue to
have a presence at Warner Bros.
The company says the job cuts in Los Angeles and New York are
meant to eliminate duplicate marketing, distribution and production
functions.
In February, Time Warner also announced it was laying off 450
people at New Line Cinema as the independent studio was absorbed
into Warner Bros.
