Time Warner's Warner Bros. To Cut Jobs

(RTTNews) - The chairman and Chief Executive officer of Warner Bros. Entertainment Kevin Tsujihara said that layoffs are coming at every level across the studio. However, he did not specify how many job cuts will take place.

The job cuts are coming in the wake of a failed bid by News Corp. (NWS, NWSA) to acquire parent Time Warner Inc. (TWX) and amid disappointing box office performance.

"We are doing our best to minimize staff reductions. However, and it pains me to say this, positions will be eliminated—at every level—across the Studio. In making these decisions, we will follow all applicable protocols. Your divisional and departmental leadership will share more information with you about these changes in the months ahead," Tsujihara said in a memo to employees.