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Warner Bros. Will Layoff Staff Throughout Company

Warner Bros. has confirmed that it will "eliminate" employees at every level of the company -- following a poor summer box office.

Chairman and CEO?Kevin Tsujihara sent a memo last Thursday informing staff that, despite the studio being in a "position of unparalleled strength," cuts were necessary to maintain their position as one of Hollywood’s biggest players.

The move also comes after News Corporation -- owned by media mogul Rupert Murdoch -- had an $80-billion buyout bid for parent company Time Warner rejected.

This news once again highlights the precarious nature of the modern film business, with blockbusters budgets reaching astronomical heights, along with a shrinking DVD market.

Despite enjoying a hugely successful 2013 -- grossing $5.03 billion worldwide – Warner’s taking for this year are down a huge 15%.

Indeed, movies such as 300: Rise of an Empire, Transcendence, Edge of Tomorrow, and Blended all performed below expectations.?Jupiter Ascending was bumped to February 2015, while Batman V Superman: Dawn of Justice was moved from 2015 to 2016.

Here is part of Tsujihara’s memo:

Here at Warner Bros., we are currently in a position of unparalleled strength. To maintain this position, we are constantly reviewing our global businesses to make sure we're operating as efficiently and effectively as possible. We are doing our best to minimize staff reductions. However, and it pains me to say this, positions will be eliminatedat every levelacross the Studio. In making these decisions, we will follow all applicable protocols.

Your?divisional and departmental leadership will share more information with you about these changes in the months ahead.Here at Warner Bros., we are currently in a position of unparalleled strength. To maintain this position, we are constantly reviewing our global businesses to make sure we're operating as efficiently and effectively as possible. We are doing our best to minimize staff reductions. However, and it pains me to say this, positions will be eliminatedat every levelacross the Studio. In making these decisions, we will follow all applicable protocols.? Your?divisional and departmental leadership will share more information with you about these changes in the months ahead.

Hat Tip: Variety

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