WB Closes WIP and Picturehouse
Posted on: Friday, 9 May 2008, 21:00 CDT
Hollywood's Warner Bros. studio has announced it is closing its specialty film units Picturehouse and Warner Independent Pictures.
More than 70 jobs are expected to be eliminated during the next few months due to the closings, Variety.com said Friday.
Some employees will stay onboard to handle the divisions' last handful of releases before the doors to Picturehouse and Warner Independent close in the fall.
Picturehouse still has Mongol, Kit Kittredge: An American Girl and The Women to get out, while WIP is due to release Towelhead and Slumdog Millionaire.
With New Line now a key part of Warner Bros., we're able to handle films across the entire spectrum of genres and budgets without overlapping production, marketing and distribution infrastructures, Alan Horn, Warner's president and chief operating officer, told the trade paper. After much painstaking analysis, this was a difficult decision to make, but it reflects the reality of a changing marketplace and our need to prudently run our businesses with increased efficiencies.
WIP was behind the films Good Night, and Good Luck and March of the Penguins, while Picturehouse saw success with La Vie en rose, Pan's Labyrinth and A Prairie Home Companion.
Source: United Press International
Related Articles
- AOL Time Warner Drops 'AOL' From Name
- AOL Time Warner Secures Sports Team Deal
- AOL Time Warner merger with AT&T to draw scrutiny
- AOL Asking Time Warner to Drop 'AOL' Name
- AOL Time Warner Earns $1B in 2nd Quarter
- AOL Time Warner Governance Questioned
- Turner Cuts AOL Time Warner Stake by Half
- Fire Damages New AOL Time Warner HQ
- AOL Time Warner May Restate Earnings
User Comments (0)
RSS Feeds