From Cartoon Brew: "DreamWorks just announced to it staff that it will shut down one of its main studios, PDI DreamWorks, in Redwood City, California. The closing of that studio will begin immediately. The beleaguered animation studio also announced that 500 jobs will be eliminated, far more than the previously expected number of layoffs. The studio is cutting back its slate to two DreamWorks-produced films per year: one original film and one sequel."Sympathies to all, and best wishes getting everything back on track.
Wow, shocking news! I had no idea DreamWorks was struggling. May this closing of one door open many new ones for this large group of creative individuals.
ReplyDeleteSad, indeed. Echoing James's thoughts: sympathies and best wishes for better times (soon) to all the affected brothers and sisters in our artistic and creative community.
ReplyDeleteWhoa, that was unexpected. I thought they were doing very well.
ReplyDeleteWas very expected. A lot of investors wouldn't touch DW with a ten foot pole for a long while now. Very sad, though.
ReplyDelete"touch" as in, the stock (for clarification). Look at the charts; it's all there (regardless of in-company perks) The percentages are just awful.
ReplyDeleteHere is a great comment on an article that explains:
ReplyDelete"DWA is a wonderful company by any emotional meaning but not from an investor's perspective.Disney didn't have to pay 150 million for any new show starring Mickey Mouse......as a business dwa is a poor one,it is capital intensive and it doesn't deserve a much higher multiple than airlines or automobile companies,yet you need to pay 17 times earnings..."
http://www.gurufocus.com/news/167489/why-i-like-dreamworks-dwa-but-dont-own-it