DreamWorks Animation scales back release slate; cuts 500 jobs

GLENDALE, Calif., Jan. 22 (UPI) -- DreamWorks Animation says its new restructuring plan means it will scale back to releasing one new film and one sequel a year, subsequently cutting 500 jobs across all divisions of the studio.

By implementing the strategy announced Thursday, the company said it will "focus its feature production from three films per year down to two, maximize its creative talent and resources, reduce costs, and drive profitability."

Under the leadership of newly appointed Co-Presidents of Feature Animation Bonnie Arnold and Mireille Soria, the studio's core feature animation production will now focus on six specific movies for the next three years. The films and their release dates are Kung Fu Panda 3 March 18, 2016; Trolls Nov. 4, 2016; Boss Baby Jan. 13, 2017; The Croods 2 Dec. 22, 2017; Larrikins Feb. 16, 2018; and How to Train Your Dragon 3 June 29, 2018.

Captain Underpants, which will be produced outside of the studio's pipeline at a significantly lower cost, is scheduled for release in 2017.

The company's 2015 release, Home, will premiere domestically March 27.

"The No. 1 priority for DreamWorks Animation's core film business is to deliver consistent creative and financial success," DreamWorks Animation Chief Executive Officer Jeffrey Katzenberg said in a statement. "I am confident that this strategic plan will deliver great films, better box-office results, and growing profitability across our complementary businesses."

The overall reduction of DreamWorks Animation's feature production output will result in a loss of approximately 500 jobs across all locations and all divisions of the studio, the company said in a news release. DreamWorks added it expects to incur a pre-tax charge of approximately $290 million in connection with the restructuring and related items.