450 Jobs Slashed at New Line

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Reuters reports that Time Warner will cut 450 jobs from New Line Cinema following an earlier decision to fold the movie studio under the wing of Warner Bros.

About 40 of New Line’s employees will be offered new jobs at Warner Bros. in positions that will not displace existing Warner Bros. jobs.

“We are moving quickly to improve our business performance and financial returns,” Time Warner Chief Executive Jeff Bewkes said in February.