Movies
New Line Cinema merges with Warner Bros
Published Friday, Feb 29 2008, 15:07 GMT | By Simon Reynolds
New Line Cinema will be absorbed into Warner Bros after a string of costly flops.
The 40-year-old independent studio is responsible for hit franchises including the Lord of the Rings trilogy and the Austin Powers series but suffered box office knocks in recent years with The Golden Compass, Shoot 'Em Up and Snakes on a Plane.
Ironically, New Line is about to release Will Ferrell's Semi-Pro, which is predicted to top the US box office this weekend.
New Line chairmen Bob Shaye and Michael Lynne will step down from their posts and the company will become a unit of Warner Bros - both studios are subsidiaries of Time Warner.
Hundreds of staff are expected to lose their jobs and New Line will no longer be able to greenlight, distribute or market its own movies.
In an email sent to New Line employees, Shaye and Lynne said: "This was a painful decision, because we love New Line and the people who work here have been like our second families. But we will be leaving the company with enormous pride in what all of us at New Line have accomplished together."
The studio had been involved in a battle with Lord of the Rings director Peter Jackson over money owed for work on The Fellowship of the Ring. The two later put their differences aside when Jackson agreed to produce two LOTR franchise prequels based on The Hobbit.
Gulliermo Del Toro is in talks to direct the two films with reports suggesting that The Hobbit will be unaffected by the studio shake-up.
The 40-year-old independent studio is responsible for hit franchises including the Lord of the Rings trilogy and the Austin Powers series but suffered box office knocks in recent years with The Golden Compass, Shoot 'Em Up and Snakes on a Plane.
Ironically, New Line is about to release Will Ferrell's Semi-Pro, which is predicted to top the US box office this weekend.
New Line chairmen Bob Shaye and Michael Lynne will step down from their posts and the company will become a unit of Warner Bros - both studios are subsidiaries of Time Warner.
Hundreds of staff are expected to lose their jobs and New Line will no longer be able to greenlight, distribute or market its own movies.
In an email sent to New Line employees, Shaye and Lynne said: "This was a painful decision, because we love New Line and the people who work here have been like our second families. But we will be leaving the company with enormous pride in what all of us at New Line have accomplished together."
The studio had been involved in a battle with Lord of the Rings director Peter Jackson over money owed for work on The Fellowship of the Ring. The two later put their differences aside when Jackson agreed to produce two LOTR franchise prequels based on The Hobbit.
Gulliermo Del Toro is in talks to direct the two films with reports suggesting that The Hobbit will be unaffected by the studio shake-up.
Movie Reviews
'Extremely Loud & Incredibly Close' reviewTom Hanks features in a long and winding journey through New York after 9/11
At the Movies
David Lynch: 10 reasons to worship himIt's time to celebrate director David Lynch as the BFI screens a season of his films.
Movies Interviews
Max von Sydow 'Extremely Loud' interviewActing legend Max von Sydow on Extremely Loud & Incredibly Close, The Exorcist and Flash Gordon.
Box Office Charts
'The Woman in Black' wins UK box officeThe Woman in Black beats The Muppets and Star Wars at the the UK box office.
