Warner Bros. to Cut Jobs8 Sep, 2014 By: Erik Gruenwedel
Warner Bros. plans to eliminate an unspecified number of staff positions, studio CEO Kevin Tsujihara outlined in a Sept. 4 memo to employees. The cuts will be across the company, which includes Warner Bros. Home Entertainment.
“We are doing our best to minimize staff reductions. However, and it pains me to say this, positions will be eliminated — at every level — across the studio,” Tsujihara said in the memo.
Notably, home entertainment reported a 27% increase in the most-recent fiscal period to $563 million. Through June 30, home entertainment generated $945 million in revenue selling movies, which was up 5% from a year ago.
When including theatrical, however, revenue declined 2% ($71 million) to $2.9 billion, mainly due to softer box office performances compared with the prior year’s slate, which included Man of Steel, The Hangover Part III and The Great Gatsby.
Warner employs about 8,000 people globally.