Warner Brothers Eliminating 10% Of Staff
Warner Brothers employees received a memo this morning from the studios executives announcing plans to cut nearly 800 jobs. Don’t they know it’s Inauguration Day? This is bigger than Christmas. Couldn’t the bad news have waited till Wednesday?
Ryan Nakashima of the Associated Press reports:
The cuts come after the studio posted a 9 percent drop in third-quarter revenue to $2.88 billion, despite the success of the summer blockbuster, “The Dark Knight.” Earlier this month, parent Time Warner said it will post a loss for the full year due to a $25 billion write-down of its assets in cable, magazines and Internet, caused in part by the advertising slowdown.
Warner Brothers headquarters in Burbank is going to be the epicenter of the cuts, though exactly how many local jobs will be lost is still unknown. Company-wide, the studio will lay off 300 workers, eliminate 200 open positions, and outsource 300 jobs. Happy Tuesday.
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