The house that Freddy built is coming down. As previously rumored, New Line Cinema co-chairmen and co-CEOs Robert Shaye and Michael Lynne will leave the studio as part of a consolidation of Time Warner’s film operations unveiled Thursday afternoon. In addition, New Line will stay in tact but will now be working hand-in-hand with Warner Bros. in releasing films in the future. You can read all about it inside.
They are, however, “in discussions about possible future business relationships with the company,” TW said.
As expected, the conglomerate announced the consolidation of its filmed entertainment businesses, Warner Bros. Entertainment and New Line, with the latter being operated as a unit of Warner Bros.
New Line will maintain separate development, production, marketing, distribution and business affairs operations. However, it will “closely integrate and coordinate those functions with Warner Bros. to maximize film performance and operating efficiencies, achieve significant cost savings, and improve margins,” TW said.
“We are moving quickly to improve our business performance and financial returns,” TW CEO Jeff Bewkes said. “Given the trend toward fewer movie releases, New Line and Warner Bros. will now have more complementary release slates, with New Line focusing on genres that have been its strength.
“New Line has been our respective life’s work as well as our second family,” Shaye and Lynne said. “While we’re sad to be leaving, we’re enormously proud to have overseen its extraordinary growth.” They added that they “will now focus our efforts on exploring new entrepreneurial opportunities.”
You can read the letter sent out to the company here