Time Warner shuts down two indie studios

The people at Time Warner already laid off 450 employees when they got their hands on New Line Cinema earlier this year. And now they are shutting down two independent studios to cut even more costs.

CEO Jeff Bewkes is shutting down Picturehouse and Warner Independent Pictures to stop duplicate costs for production, marketing and distribution. You would think these studios work independently and there would be no reason for double costs, but apparently this is not how it works.

COO Alan Horn says he is still "confident the spirit of independent filmmaking will continue to have a presence at Warner Bros." Let's hope so, it would be a shame to totally lose two independent movie studios in one day.