Time Warner closing 2 film studios
The media company says shuttering Picturehouse and Warner Independent Pictures will eliminate 70 jobs in New York and Los Angeles.
LOS ANGELES (AP) -- Time Warner Inc. said Thursday it will close its Picturehouse and Warner Independent Pictures film studios and eliminate 70 jobs in the latest cost-cutting move since Jeff Bewkes took over as chief executive on Jan. 1.
Despite the move, Warner Bros. Chief Operating Officer Alan Horn said he was "confident that the spirit of independent filmmaking and the opportunity to find and give a voice to new talent will continue to have a presence at Warner Bros."
The studio said the job cuts in Los Angeles and New York were meant to eliminate duplicate marketing, distribution and production functions.
In February, Time Warner (TWX, Fortune 500) (parent of CNNMoney.com) announced it was laying off 450 people at New Line Cinema as the independent studio was absorbed into Warner Bros.
Management teams from Picturehouse and Warner Independent will meet in the coming weeks with Warner Bros. executives to discuss the status of projects under development.
Picturehouse was launched in 2005 as a joint venture between New Line and HBO. It has released movies such as "Pan's Labyrinth" and "La Vie En Rose," and is set to release "Kit Kittredge: An American Girl" on June 20.
Warner Independent, founded in 2003 with the goal of producing or acquiring films with a budget under $20 million, has released "In the Valley of Elah" and "Good Night, and Good Luck." It's set to release "Towelhead" on Aug. 8. 
