04/23/2008 05:12 am ET Updated May 25, 2011

Time Warner Axes 450 New Line Employees

Time Warner Inc. began laying off most of the employees at its New Line Cinema unit on Monday, six weeks after deciding to bring the struggling studio under the arm of its bigger Warner Bros. division.

Some 450 employees in New York and Los Angeles will lose their jobs; about 40-50 staffers will remain at New Line in its new life as a genre label. Another 40 New Line employees are being offered positions elsewhere within Warner Bros.

The pink slips will continue Tuesday.

Read more on Hollywood Reporter Via Reuters