Warner Bros chairman and CEO Kevin Tsujihara unveiled to investors today a new strategy for the film studio, WBTV and overseas activities — part of an overall plan to cut $200M annually. The movie side push is most aggressive as year-over-year domestic box office for Warner Bros. films is down about 15%. to date with a reduced slate of openers in 2015. The injection includes releasing three Lego Movie films over the next four years, and three movies based on JK Rowling’s Fantastic Beasts set for 2016, 2018 and 2020. In addition there is a major push to expand the DC universe.
The game plan is part of the new reality at WB after parent Time Warner has embarked on cost- and job-cutting across the company — positions have been or will be eliminated at every level across the studio, as well as at Turner (CNN is at the process of eliminating 300 jobs this week). The recent failed bid by Fox to take over Warner Bros “accelerated the implementation of the plan,” an insider told Deadline in September when the film studio said the cuts were coming.