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DreamWorks Animation to cut 500 jobs
DreamWorks Animation to cut 500 jobs

DreamWorks Animation announced Thursday that it would cut 500 jobs in the wake of a string of box-office disappointments. The Glendale studio also said it would take a $290-million charge in connection with the layoffs, which will cut across all locations and divisions of the studio. The company employs about 2,400 people worldwide, with most of the workforce based in Glendale and Redwood City, Calif. The restructuring plan is expected to be substantially complete by the end of 2015 and expected to result in annualized pretax cost savings of about $30 million in 2015, growing to roughly $60 million by 2017. The layoffs, the largest in the studio's history, were widely expected and...