DreamWorks Animation Layoffs: DWA Confirms 500 Job Cuts

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Dreamworks Animation (DWA) has confirmed that it will be laying off 500 employees.

dreamworks-animation-layoffs-dwaThe Dreamworks Animation layoffs will hit every department and will result in the company’s work in northern California ending. Some of these members will be offered positions at the company’s Los Angeles building. The company will also cut the amount of films its releases a year from three to two, reports The Wall Street Journal.

The Dreamworks Animation layoffs will see one fifth of its workforce being cut. The company will outscore some of the work on its upcoming Captain Underpants film overseas. It’s new release schedule will start in 2016 and will have it releasing one new original film and one sequel every year, WSJ notes.

Bill Damaschke, former chief creative officer at Dreamworks, left the company this month. His reason for leaving was the underperformance of several feature films made by the company in the last few years, reports The New York Times.

DWA shares were down 8% as of Friday afternoon.

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Article printed from InvestorPlace Media, https://investorplace.com/2015/01/dreamworks-animation-layoffs-dwa/.

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