DreamWorks Animation announced on Thursday the company's decision to slash their workforce by 500 people, which would affect jobs in all locations. This move was made in adherence to the "strategic plan" of DreamWorks to restructure the organization.
In addition to cutting 500 jobs, the feature film studio will also reduce the number of films it releases every year from the current three movies to only two in the succeeding years. Apart from these measures, the company intend to obtain a pretax charge worth $290 million, Deadline reported.
In a press release from the company, DreamWorks Animation provided the public, its investors, and analysts an explanation for this decision. The company said that they saw the need to make changes in its animation business in order to make sure that they will continuously deliver profitable and high quality films audiences will appreciate.
On a more specific note with regard the downsized number of films the studio will produce annually, DreamWorks Animation disclosed six movies that they will prioritize in the next three years. Moreover, the scheme will be to produce one sequel and one original film each year.
Based on the statement released by the company, the third installment of "Kung Fu Panda" will be released on March 18, 2016 and the debut of a new movie, "Trolls," is scheduled on November 4, 2016.
Meanwhile, the original film "Boss Baby" will be introduced by January 13, 2017 and fans will once again witness the antics of "The Croods" in their sequel movie, which will be unveiled by December 22, 2017.
The year 2018 will welcome the new movie "Larrikins" by February 16, 2018, while "How to Train Your Dragon 3," scheduled for release on June 29, 2018, will be one of the most highly anticipated films for that year following the success of its two predecessors.
"The number one priority for DreamWorks Animation's core film business is to deliver consistent creative and financial success," DreamWorks Animation Chief Executive Officer Jeffrey Katzenberg disclosed in the press release. "I am confident that this strategic plan will deliver great films, better box office results, and growing profitability across our complementary businesses."
