Layoffs underway at DreamWorks Animation

20 Jan 2015 | Author: | No comments yet »

DreamWorks Animation Plotting New Round Of 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.Stung by a series of box office misfires and failed sale attempts, DreamWorks Animation plans a substantial number of layoffs, two people familiar with the matter said.Layoffs are coming to DreamWorks Animation — again — on the heels of the studio’s leadership shakeup this month and recent write-downs, including one analyst’s projected $49 million loss on spinoff film Penguins Of Madagascar.

DreamWorks Animation SKG Inc. is planning layoffs of employees as box office troubles continue to plague the company, according to media reports on Monday. 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. In a move to cut operating costs, the Glendale studio intends to significantly reduce the size of its workforce, said the people, who asked not to be identified because they were not authorized to discuss the plans. As many as 400 employees at the company’s facilities in Glendale and Redwood City could be affected by the cuts, which are already underway, according to Variety.

Earlier this month, Chief Creative Officer Bill Damaschke stepped down as veteran producers Bonnie Arnold and Mireille Soria were named Co-Presidents of Feature Animation of the struggling animation studio. Despite hits from the How To Train Your Dragon and Madagascar animated franchises, the Glendale-based studio has struggled to consistently create winners at the box office during the past three years.

Peabody & Sherman to spring 2014 and Me & My Shadow, an animation planned for 2014 featuring the voices of Kate Hudson, Josh Gad and Bill Hader, was taken off the schedule altogether and reverted into development.

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