Warner Bros. plans to offer buyouts to a number of employees in an effort to cut costs and increase profits. According to Bloomberg News, if not enough employees take the buyout, the studio will fire staff in the studio’s film, television, and home entertainment businesses. Bloomberg’s report said nothing about potential lay-offs at DC Entertainment (DC Entertainment is under the Warner Bros. umbrella, see "Warners Forms DC Entertainment"). At press time, ICv2 had not received any response to its queries about possible lay-offs from DC.
Warner Bros. is in a difficult position. On the one hand Time Warner CEO Jeff Bewkes, who rejected Rupert Murdoch’s $75 billion takeover bid telling stockholders that the company could do better on its own, is demanding that all of the company’s division produce more profits. On the other hand Hollywood just had its worst summer in 30 years and Warner Bros.’ box office revenue through the end of August is down 15% in 2014 from the same period in 2013.
The Turner division of Time Warner, which includes the ratings-hobbled CNN, has offered buyouts to about 6% of its employees according to Bloomberg. It is not known if other divisions, which may be more profitable than the Turner group, are going to be asked to make similar sacrifices.
Will DC Be Affected?
Posted by ICv2 on September 4, 2014 @ 3:35 am CT
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