Starting today, Warner Bros is cutting approximately 1,000 jobs in an effort to cut expenses.
As Variety reports, the layoffs will eliminate more than 10% of the company’s 8,000-person staff.Severance packages to those affected are expected to provide three weeks of pay for each year of service, with a cap of two years of severance. The actual packages will vary from employee to employee. Among those most at risk of losing their jobs, according to Variety, are home entertainment, information, technology, finance, and real estate.
Warner Bros. is not the only division that owner Time Warner is cutting back on. Both Turner Broadcasting, and HBO—which produces Game of Thrones—will also see hundreds of layoffs. According to Variety, about half of the layoffs will come this week, while the other half will be eliminated by the end of 2014.
The layoffs deliver a promise made by Warner Bros. CEO Kevin Tsujihara, who said that he would make $200 million cost cuts annually.
Warner Bros. is the studio behind all of DC Comics’ films, including the recently announced DC Cinematic Universe. Fans of DC’s franchises shouldn’t worry too much, however, as Tsujihara is an outspoken supporter of DC Comics. His interest in exploiting characters like Wonder Woman, Flash, and Batman are often regarded as a driving force behind the new Justice League films.
The only sting DC fans could feel, however, is through Warner’s home entertainment division. Home Entertainment oversees Warner Home Video—the studio that produces the animated DC Comics Original Movies like the upcoming Justice League: Throne of Atlantis film. Should the layoffs affect anyone at DC Comics Original Movies, Comicbook.com will provide the update.