The overall reduction of DreamWorks Animation's feature film output will result in a loss of approximately 500 jobs across all locations and all divisions of the studio.
No details have been released about how the cuts will affect the studio's consumer products team, but the largest number of cuts are expected to come from DreamWorks film division.
The restructuring is expected to be substantially complete by the end of 2015 and to result in annualized pre-tax cost savings of approximately $30 million in 2015, growing to roughly $60 million by 2017.
Under the leadership of
newly appointed co-presidents of feature animation,
Bonnie Arnold and Mireille Soria, animation production will now focus on six specific movies for the next three years, one original film and one sequel each year including:
March 27, 2015
Kung Fu Panda 3–
March 18, 2016
Nov. 4, 2016
–Jan. 13, 2017
The Croods 2
–Dec. 22, 2017
Feb. 16, 2018
How to Train Your Dragon 3
–June 29, 2018
which will be produced
"The number one priority for DreamWorks Animation's core film business is to deliver consistent creative and financial success," says Jeffrey Katzenberg, chief executive officer, DreamWorks Animation. "I am confident that this strategic plan will deliver great films, better box office results and growing profitability across our complementary businesses."
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