Studio asks departments for 10% trim
Warner Bros. Entertainment is asking its departments to cut their budgets by at least 10 percent.The Associated Press has learned the cuts could mean layoffs of more than 100 employees. Analysts said a cut of that magnitude would result in tens of millions of dollars in annual savings for the studio’s parent company Time Warner, which is expecting a loss for the year. Warner Bros. has already undergone significant belt-tightening to account for the recession. Last year, the studio moved to cut production by more than a dozen films a year, after eliminating its Picturehouse and Warner Independent labels and absorbing New Line Cinema. It has sent fewer employees than usual to conferences as travel, entertainment and marketing costs have come under increasing scrutiny.