DreamWorks Animation SKG Inc. NYSE:DWA considers major layoffs
DreamWorks Animation SKG Inc. NYSE:DWA considers major layoffs
DreamWorks Animation SKG Inc. is considering major layoffs after disappointing results during the holiday season and reshuffling of the movie studio’sYs 2013 and 2014 lineup.
The animation house is preparing to lay off as many as a few hundred of its 2,000 employees, the total is expected to be less than 500 it is said.
The potential move would follow a rough period for the company, including slow box-office business for its most recent feature release, “Rise of the Guardians,” which took in $100.6-M domestically and $297.9-M world-wide.
Tuesday, the company said it was delaying 2 planned movies. The release of one, “Mr. Peabody & Sherman,” was pushed to Y 2014 from a planned date of November 2013.
That delay means the studio expects to release only 2 movies in Y 2013 rather than 3 as planned.
DreamWorks Animation CEO Jeffrey Katzenberg said, “We are adjusting our operating infrastructure costs accordingly.” He did not specify what those adjustments would entail.
The cuts are not expected to be limited to the company’s Glendale, Calif., HQ. The company maintains operations in several locations, including New York City.
LTNs Analysis for SGK: Overall Short Intermediate Long
Neutral (-0.21) Bearish (-0.30) Bearish (-0.33)
Neutral (0.01)
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