DreamWorks Animation Cuts Film Releases, Eliminates 500 Jobs
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DreamWorks Animation SKG Inc. will reduce production to two films a year and cut 500 jobs, including several top officials, to improve the quality and profitability of its pictures after several box-office flops.
The maker of the “Shrek” movies will record expenses of at least $450 million for the restructuring and other steps outlined in a regulatory filing Thursday. The job cuts represent about 18 percent of the workforce, founder and Chief Executive Officer Jeffrey Katzenberg said on a conference call.