New Line cutting jobs as studio is absorbed by Warner Bros.
Posted April 14, 2008 11:00 pm
WEST HOLLYWOOD, Calif. -- New Line Cinema, which made the "Lord of the Rings" trilogy, has started laying off 450 people as the studio is absorbed by Warner Bros.
Time Warner Inc., which owns New Line, says layoff notices began going out Monday.
West Hollywood-based New Line will keep 40 to 50 employees. Another 40 will be offered jobs elsewhere within Warner Bros. Entertainment.
Time Warner announced in February that its entertainment division was absorbing New Line as a cost-saving measure.
New Line will still develop, produce and market movies but its parent company will take over distribution.