DreamWorks Animation Reveals Restructuring Plan, Will Nix 500 Jobs

DreamWorks Animation has produced some popular movies, but the company itself has been facing some struggles for a while, and now it seems it has a plan in place to address that. Unfortunately, according to a recent announcement by the company, that plan involves a restructuring that will require 500 jobs to be cut. When precisely those jobs will be nixed hasn't been detailed, though it seems it will be taking place in the relatively near future. In addition, the company will be shifting its creative focus, and that'll mean fewer movies.

The announcement was made today, and in it DreamWorks Animation revealed that it will be shifting it focus on the movies it makes — in the future, the animation division will be focusing its attention on only two feature movies per year. This is a one-movie decrease from its previous focus on three films.

Those two films will be comprised of one sequel to an existing (presumably successful) feature film, while the other will be focused on an original movie. The sequels will include How to Train Your Dragon 3, for example, which is currently set to arrive in 2017. Another "The Croods" and "Kung Fu Panda" sequel are also in the pipeline.

According to DreamWorks Animation, the jobs will be cut this year and next year, but in what proportions hasn't been detailed. All in all, the company expects that it'll be saving about $30 million this year and up to $60 million by 2017 as a result of its restructuring plans.

SOURCE: MarketWatch