450 jobs are lost at New Line after WB takeover
Just don't send them a copy of THE GOLDEN COMPASS anytime soon.
In a movie industry climate where studio's are going to be spending more and more money on trying to find the next Harry Potter or Lord of the Rings franchise, this kind of situation I can forsee happening again - where a studio pumps way too much cash into a project which either isn't distributed correctly or has the wrong talent on board. Or both. It happened with The Golden Compass late last year, the deciding factor in New Line's demise and eventual take-over from Warner Bros. And I'm sure it will happen again.
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It's a bad day for those employee's of New Line but they must have seen this coming after the WB buyout. This comes from Reuters... Time Warner Inc (TWX.N: Quote, Profile, Research) will cut 450 jobs from New Line Cinema in a highly anticipated move following an earlier decision to fold the movie studio under the wing of Warner Bros Entertainment. About 40 of New Line's employees will be offered new jobs at Warner Bros in positions that will not displace existing Warner Bros jobs, a Time Warner spokesman said.Less than five years ago, the Lord of the Rings franchise ended and made New Line well over a billion dollars but frequent mis-management and the belief that they could turn any property into a similar hit has cost many people their jobs. source - coming soon