Wow, this is crazy news. New Line Cinema are responsible for creating the ever popular Nightmare on Elm Street series among countless films since the mid 80's. I wonder where this puts the Night Mare on Elm Street remake that was in the works.
NEW YORK (Reuters) - Time Warner Inc will cut 450 jobs from New Line Cinema in a highly anticipated move following an earlier decision to fold the movie studio under the wing of Warner Bros Entertainment.
About 40 of New Line's employees will be offered new jobs at Warner Bros in positions that will not displace existing Warner Bros jobs, a Time Warner spokesman said.
Employees are being informed on Monday and Tuesday.
About 40 to 50 existing New Line employees will remain at the division renowned for its blockbuster hit franchises, including the "Lord of the Rings" series.