12/22/2008 05:12 am ET Updated May 25, 2011

Weinsteins Cutting 11% Of Workforce

The Weinstein Co. is laying off about 11 percent of its workforce as the sickly economic environment further invades Tinseltown, The Post has learned.

Two sources close to the situation said the Weinstein brothers, Harvey and Bob, called their employees into a meeting shortly after 2 p.m. today to break the news.

Roughly two dozen people are being let go across the independent studio's operations, according to the sources.

How much the company will save as a result of the cuts could not be determined, but estimates put it well into the millions.

The move reduces the studio's total workforce to 240 from 264 across offices in New York, Los Angeles, the UK and Hong Kong.

The laid-off employees will be given severance packages based on their length of time at the studio

Read more on NY Post