There’s chatter on the Internet about buyouts and layoffs at Warner Bros. First reported on Bloomberg yesterday, buyouts have already begun in the division that includes CNN and TBS. Variety says “500 to 600” employees have received those offers. However, more are coming for other parts of the Burbank-based company and top brass “may fire staff if too few employees take the offer,” according to the Bloomberg sources.
The reasons for the cutbacks and reductions: The rejection of that $75-80 billion takeover bid from Rupert Murdoch and too many duds at the summer box office. “Our summer did not live up to our expectations,” Warners distribution chief Dan Fellman told The Hollywood Reporter. Warner’s recent weak releases include Adam Sandler’s “Blended” and Clint Eastwood’s “Jersey Boy.” Neither film has surpassed the $50 million mark.