Despite big returns for "The Dark Knight", Warner Bros. Entertainment has announced plans to cut 800 jobs, as Hollywood 'outsources' and 'downsizes' under the weight of the current recession.Time Warner's stock fell 49 cents or 5.1 percent to $9.12 a share in afternoon trade.
General Electric Co's NBC Universal and Viacom, owner of Paramount, have already cut jobs.
"We are very sad to announce that based on the global economic situation and current business forecasts, the studio will have to make staff reductions in the coming weeks in order to control costs," said Barry Meyer, chairman/chief executive, Warner Bros Entertainment.Industry insiders expect more layoffs at Walt Disney Co, while Sony Corp's Sony Pictures announced 8,000 job cuts, chiefly from its electronics division, with the studio expected to follow suit.
"The changing entertainment business landscape, shifting consumer demand and the overall state of the economy have affected companies around the world, and Warner Bros. is not immune to these factors," said Alan Horne, Warners' president...
