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DreamWorks Lays Off 10 Employees

Dreamworks Logo - H 2012

"The adjustments we're working are in keeping with the kinds of adjustments that are being made across our industry and will reflect our efforts to be more streamlined going forward," studio CEO Stacey Snider tells THR.

The departure of longtime physical production executive Steve Molen from DreamWorks comes as the company implements a layoff of 10 of its 80 employees, primarily in Molen's department.

"The adjustments we're working are in keeping with the kinds of adjustments that are being made across our industry and will reflect our efforts to be more streamlined going forward," studio CEO Stacey Snider tells THR.

The company also will cut positions in its legal, insurance and IT departments.

The layoffs are associated with DreamWorks' renegotiation with Reliance Entertainment, which has agreed to provide financing that will enable Steven Spielberg's studio to make eight to 10 films during the next two to three years. The company will release only two small movies this year: People Like Us, set for June 29, and Lincoln in December.

Snider said Molen resigned because it was clear that his department would be hit hardest by the layoffs as the company rebuilds its production schedule.

"Steve started at Amblin and went through all the iterations of DreamWorks," she said. "He was involved with American Beauty, Saving Private Ryan, War Horse and The Help, and we're grateful for his service."

E-mail: Kim.Masters@thr.com

Twitter: @KimMasters