Time Warner is cutting back 450 jobs to coincide with folding the studio into Warner Bros. The lay offs leave the company with around 50 employees.

New Line will continue to develop films, housing its own creative teams, and Warner Bros will pick up distribution.  It will produce niche films like “Wedding Crashers,” “Freddy vs. Jason,” with the occasional “tent-pole” film, like “The Hobbit.”

Source: Variety.com