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DreamWorks Animation plans 'substantial' layoffs: LA Times

/ Source: Reuters

(Reuters) - DreamWorks Animation SKG Inc plans a "substantial" number of layoffs, the Los Angeles Times reported, citing two sources familiar with the matter.

In a move to cut operating costs, the Glendale, California-based studio intends to "significantly reduce" the size of its workforce, the LA Times said citing people, who asked not to be identified because they were not authorized to discuss the plans.

While the precise number of people who will lose their jobs has yet to be finalized, the number is expected to exceed the 350 layoffs that occurred in 2003 after the studio shelved production of the movie "Me and My Shadow," the report said.

Layoffs are expected to include animators, story-board artists and other production personnel and support staff at the studio's Glendale and Redwood City facilities, which employ about 2,200 workers, the report said.

A spokesman for DreamWorks Animation declined to comment on the report.

Earlier this month, the studio, which made the popular "Shrek" and "Kung Fu Panda" animated movie franchises, said it had appointed new co-presidents of feature animation while its Chief Creative Officer Bill Damaschke had stepped down.

Reuters had earlier reported in November that Hasbro Inc was in early talks to buy Hollywood studio DreamWorks Animation, citing a source familiar.

(Reporting by Sneha Banerjee in Bengaluru and Mary Milliken, editing by G Crosse)