27 February 2013 5:58 AM, PST | The Guardian - Film News | See recent The Guardian - Film News news »

Co-founder Jeffrey Katzenberg says 350 job losses 'right thing for us today' after fantasy adventure loses $83m

DreamWorks Animation, the studio behind blockbusters such as Shrek, Kung Fu Panda and How to Train Your Dragon, is to lay off around 350 employees following the box office failure of its latest film Rise of the Guardians.

The Burbank, California company suffered a disappointment when its $145m (£96m) movie about a team of childhood fantasy figures who team up to fight evil took just $300m worldwide. Chief executive Jeffrey Katzenberg said this week that it meant a loss of $83m on the project, and inevitable job losses.

"Rahm Emanuel had that really great expression: 'You need to take full advantage of every crisis that you face,'" Katzenberg told analysts during a discussion of the company's fourth-quarter performance yesterday. "Guardians was the first movie of ours, after 17 in a row, that didn't work. When that happens, »

- Ben Child

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