Time Warner closes 2 film studios

May 8, 2008 12:10:31 PM PDT
Time Warner Inc. says it is closing its Picturehouse and Warner Independent Pictures film studios and eliminating 70 jobs. 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.