May 17, 2022 Breaking News, Latest News, and Videos

DreamWorks Animation Embarking On Fresh Round Of Layoffs:

DreamWorks Animation SKG, which once rivaled Walt Disney Studios in producing successful animated features, is embarking on a fresh round of layoffs following a string of disappointing releases, it was reported today.

DreamWorks is looking to shave as many as 400 jobs, or about 20 percent of its California workforce, under plans still being finalized, people familiar with the matter told the Los Angeles Times.

The layoffs would be the second major downsizing in two years at the studio, which cut 350 jobs in 2013, and currently employs about 2,200 workers in California, The Times reported in an article posted on its website this morning.

The reductions mark a retreat from ambitious growth plans under the leadership of co-founder Jeffrey Katzenberg, who transformed DreamWorks from a fledgling studio into a $700-million-a-year multimedia powerhouse. But unlike rival studios, DreamWorks is mostly dependent on feature animation, making a lack of hits especially troublesome, analysts told The Times.

The animation studio has churned out such big hits as “Shrek,” “Kung Fu Panda,” and “Madagascar.” But it took a $57 million write-down last year for its animated feature “Mr. Peabody & Sherman” and a $13.5-million charge on its summer movie “Turbo,” according to The Times. Those followed an $87million write-down for the 2012 “Rise of the Guardians” holiday movie.

in News
Related Posts

1221 Ocean Avenue Complex Sold For Record Price

May 16, 2022

May 16, 2022

Sold for a record price of $330 million. By Dolores Quintana The Irvine Company has sold 1221 Ocean Avenue to...

Office Construction Is Starting To Rise In Los Angeles

May 15, 2022

May 15, 2022

Property vacancies are still affecting growth.  By Dolores Quintana In March, the Los Angeles Metropolitan area had 3.2 million square...

Santa Monica City Council Selects Doug Sloan as New City Attorney

May 12, 2022

May 12, 2022

At its meeting this week, the Santa Monica City Council appointed Doug Sloan to serve as Santa Monica’s next City...

Landmark Theater Closing in Former Westside Pavillion

May 12, 2022

May 12, 2022

Theater will close at the end of month By Sam Catanzaro The Landmark Pico theater at the former Westside Pavillion...

Community Policing at the Heart of Beat Four

May 11, 2022

May 11, 2022

The Neighborhood Resource Officer (NRO) Program thrives through community involvement and collective work. Today we hear from Officer Aaron Alpert...

Santa Monica High School Among Top-900 Schools in Country

May 10, 2022

May 10, 2022

SAMOHI ranked 829 out of over 18,000 total schools By Staff Writer Santa Monica High School is among the top...

Pico Marketplace Changing Small Businesses Access to Retail Space: Santa Monica Beat – May 10th, 2022

May 10, 2022

May 10, 2022

Local news and culture in under 5 minutes.* Pico Marketplace Changing Small Businesses Access to Retail Space* Grunion Fish Seen...

Video: Westside E-Scooter Injury Rate High Than National Rate for Motorcycles

May 10, 2022

May 10, 2022

The Westside’s injury rate for e-scooters is higher than the national rate for motorcycles, a new study has found. Learn...

Douglas Sloan Set to be Santa Monica’s New City Attorney

May 9, 2022

May 9, 2022

Sloan would be first permanent person to hold post in two years By Dolores Quintana  The next Santa Monica City...

Santa Monica Releases 2022 Homeless Count Results

May 9, 2022

May 9, 2022

Number of unsheltered individuals increases 1 percent in first count since 2020 By Dolores Quintana and Sam Catanzaro The City...

Amazon Bringing 1,000 News Jobs to Santa Monica

May 6, 2022

May 6, 2022

Company signs a lease for a 200,000-square-foot space at the Water Garden  By Dolores Quintana Amazon.com intends to create 2,500...

LA Considering Emblem Program to License Cannabis Stores

May 6, 2022

May 6, 2022

Program would help Angelenos distinguish between licensed and unlicensed cannabis vendors and safe cannabis products By Dolores Quintana Members of...

Meet SMPD Beat Three Neighborhood Resource Officers

May 6, 2022

May 6, 2022

The Neighborhood Resource Officer (NRO) Program is based around the concept of community policing and collective involvement. Today we met...

McKinley Elementary School Awarded California Pivotal Practice Award

May 5, 2022

May 5, 2022

The Santa Monica-Malibu Unified School District has announced that McKinley Elementary in Santa Monica has been awarded the California Department...

UCLA Study Offers Strategy for Freeway Congestion Pricing That Reduces Burden on Low-Income Residents

May 5, 2022

May 5, 2022

Claudia Bustamante/UCLA Newsroom  Among transportation experts, congestion pricing is the gold standard policy for managing traffic on freeways and highways....