DreamWorks Animation Cutting Jobs

20 Jan 2015 | Author: | No comments yet »

DreamWorks Animation Plans Major Layoffs.

LOS ANGELES (CBSLA.com) — Executives at DreamWorks Animation are soon expected to announce layoffs, although the timing and exact number of cuts was unclear, according to reports Monday. The troubled entertainment studio, which has been hit with a string of box-office disappointments, began letting go workers last week, said Steve Hulett, a business representative at the local Animation Guild who was contacted by laid-off animators and development artists.Film production personnel from animators to storyboard artists are set to lose their jobs in a painful restructuring to reduce costs after a terrible year for the studio where 3 out of 4 releases according to Variety, missed their financial mark. Plans to “significantly reduce” staffing at the Glendale-based company will likely top the 350 layoffs that the company made in 2003, the Los Angeles Times reported. DreamWorks Animation has struggled in recent years to produce a hit, and had to take write-downs following the release of several recent features, including “ Mr.

Details aren’t known yet, but the number of people who will be given the slip could possibly exceed the 350 employees were were dismissed in 2013, according to a report in today’s LA Times. Peabody & Sherman” and “Turbo.” Its November release, “Penguins of Madagascar,” has also missed expectations and led analysts to predict another write-down. The studio refused to comment on the layoffs saying it “does not comment on rumor and speculation.” However, the Wall Street Journal contends that the layoffs are not a rumor since they began happening last week. With the domestic box office down 5% year-on-year and a slate of films under-performing, there was a real sense of an emerging crisis, particularly as the economy was improving considerably.

The latter film is in danger of becoming the lowest-grossing DreamWorks CGI film ever released in the United States, which is especially shocking because the Madagacar universe was once considered among the studio’s most successful brands.

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