Dreamworks Animation Might Lay Off More Than 350 Employees

Dreamwork’s Animation is reportedly set to let go of a considerable amount of its [...]

By Andrew Steinbeiser

DreamWorks Studios logo

Dreamwork's Animation is reportedly set to let go of a considerable amount of its staff.

According to The Hollywood Reporter, the studio behind Penguins of  Madagascar and Shrek is reportedly set to cut more than 350 of its 1,950 employees, but that number is still unconfirmed. The layoffs would affect Dreamwork's production staff, which includes storyboard artists and animators.

The layoffs follow a poor financial year for the animation studio, which reported  a 10 percent decline in revenue for the first three quarters of 2014. It suffered a net loss of $46.4 million, compared to their profit of $37.9 million in 2013. As the Reporter noted, Dreamworks has seen a general decline in its ticket sales in recent years, and new franchises like Turbo and Rise of the Guardians failing to attract mass audiences similar to Shrek or Kung Fu Panda. 

Dreamworks also went through a major restructuring and layoff last year. After Bill Damaschke left as the studio's Chief Creative officer and Bonnie Arnold and Mireille Soria became co-presidents of feature animation, Dreamworks cut 350 of its employees. 

According to The Reporter, Dreamworks has not offered an official statement on the layoffs, but they are expected to begin soon. 

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