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Although the upcoming DC Comics film slate was the headline-grabbing news from this morning’s Time Warner investor presentation, Warner Bros. CEO Kevin Tsujihara also announced the studio is seeking to reduce costs by $200 million annually as part of company-wide streamlining effort. That’s about double what some reports indicated ahead of today’s meeting.
How much of that will be a result of layoffs has yet to be revealed, but Variety maintains Warner Bros. is expected to cut between 900 and 1,000 jobs, or about 10 percent of its worldwide workforce.
Warner Bros. Entertainment could eliminate as many as 1,000 jobs — more than 10 percent of its worldwide workforce — as part of studio-wide cutbacks confirmed earlier this month, Variety reports. However, the studio insists that although the cuts will be “substantial,” it hasn’t settled on the exact number of layoffs.
“The plans are still in process,” Dee Dee Myers, Warner Bros.’ new executive vice president of corporate communications, told TheWrap. “We’re reducing costs and it will result in reduced overhead, but the plans are not done.”
Warner Bros. Entertainment CEO Kevin Tsujihara confirmed impending layoffs across the studio in a memo sent Thursday afternoon to employees. Although no date or numbers were given, Deadline suggests the cuts will likely take place in the fourth quarter.
“We are doing our best to minimize staff reductions,” wrote Tsujihara, who was named CEO in January 2013. “However, and it pains me to say this, positions will be eliminated — at every level — across the Studio.”
Warner Bros.’ subsidiaries include DC Entertainment, Warner Bros. Pictures, Warner Bros. Interactive Entertainment, Warner Bros. Television, Warner Home Video and New Line Cinema. It also co-owns The CW with CBS Corporation.
Although reports earlier this week indicated the studio would offer buyouts before it resorted to layoffs, there’s no mention of that approach in the memo. In fact, it would seem buyouts are off the table, as Tsujihara’s introduction makes it clear he wanted”to set the record straight” following “misinformation in the press.”
Business | Following weeks (if not months) of rumblings, Warner Bros. has made it official: Jeff Robinov, the Warner Bros. Pictures Group president who oversaw the 2009 restructuring of DC Comics into DC Entertainment, will leave the studio following a reorganization that establishes a new leadership team: Sue Kroll, president of worldwide marketing and distribution, Greg Silverman, president of creative development and worldwide production, and Toby Emmerich, president and chief operating officer of New Line Cinema. It doesn’t appear as if Robinov will be replaced. DC Entertainment President Diane Nelson, who initially reported Robinov, presumably will answer directly to Warner Bros. CEO Kevin Tsujihara; following a shakeup last month in the television and home entertainment division, Nelson reported to both Robinov and Tsujihara. [The Hollywood Reporter]
Business | In a surprise announcement, Kevin Tsujihara was announced Monday to succeed Barry Meyer as CEO of Warner Bros. Entertainment, the parent company of DC Entertainment. The 48-year-old Tsujihara, who has been with Warner Bros. since 1994, was named in 2005 as president of the Home Entertainment Group, overseeing the company’s home video, digital distribution, video games, anti-piracy and emerging technology operations. He was chosen as CEO over Bruce Rosenbaum, president of Warner Bros. Television, and Jeff Robinov, president of Warner Bros. Pictures (under which DC Entertainment is placed in the corporate structure). [The Hollywood Reporter]