Los Angeles - Time Warner's (NYSE: TWX) Warner Bros. studio is laying off nearly 800 of its employees, or 10% of its total staff, according to an internal memo posted by Deadline Hollywood Daily.

"Despite the fact that the company performed solidly in 2008, this decision reflects changes necessary for stability and growth going forward," reads the note from chairman and CEO Barry Meyer, and president and COO Alan Horn.

"The changing entertainment business landscape, shifting consumer demand and the overall state of the economy have affected companies around the world, and Warner Bros. is not immune to these factors."

DHD reports that that the changes will include 300 actual layoffs, and the elimination of 200 open positions, and 300 outsourced positions -- with a third of latter to be offered opportunities with IT services and business consultancy Capgemini.

Related Links:
http://snipurl.com/ahrzh (Deadline Hollywood Daily)