BUSINESS

Warner Bros. is latest division of Time Warner to cut jobs

11/04/2014 03:54 EST | Updated 01/04/2015 05:59 EST
NEW YORK, N.Y. - Warner Bros. employees were informed Tuesday that layoffs will start this week, as the film studio becomes the latest division of Time Warner Inc. to cut jobs following a failed takeover bid by 21st Century Fox in August.

In an email to staff, Warner Bros. Chairman and CEO Kevin Tsujihara said the company is cutting staff to reduce costs and meet its financial targets. He said most job cuts would happen this week. But some departments such as finance and technical operations could see most job cuts coming in the first quarter of the next fiscal year.

A spokesman for the company declined to disclose the number of layoffs planned. Variety reported late Monday that the cuts would total about 1,000. That would be more than 10 per cent of the company's 7,300 workers, according to CapitalIQ.

In August, Rupert Murdoch's 21st Century Fox abandoned an attempt to take over Time Warner and combine two of the world's biggest media companies. Last month, Time Warner's Turner Broadcasting, the parent of the CNN, TBS and TNT networks, said it would cut about 1,475 jobs, or about 10 per cent of its total employees.

Warner Bros.' properties include TV shows include this season's "Gotham," and "The Flash" as well as movies like "The Lego Movie" and "The Judge."

Time Warner Inc. reports earnings on Wednesday.