New Line Axed By Time Warner
By: Jarrod SarafinDate: Tuesday, April 15, 2008
Source: Associated Press
Looks like there will be no house that can be saved by Freddy, despite the horror icon getting a remake soon. The Associated Press is reporting that Time Warner is officially folding the banner under the wing of its Warner Bros. distributor and slashing 450 jobs from the previous skeleton crew that remained. Only 40 of the employees have been offered jobs at Warner Bros. and the press release says that they will not be displacing existing employees' duties at the studio.
"We are moving quickly to improve our business performance and financial returns," Time Warner Chief Executive Jeff Bewkes said in February.
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