Time Warner Shutters Two Indie Film Divisions

LOS ANGELES, May 9: Warner
Bros. is closing down its Picturehouse and Warner Independent Pictures studios,
its president and COO, Alan Horn, announced yesterday.

"With New Line now a
key part of Warner Bros., we're able to handle films across the entire spectrum
of genres and budgets without overlapping production, marketing and
distribution infrastructures," said Horn. "After much painstaking
analysis, this was a difficult decision to make, but it reflects the reality of
a changing marketplace and our need to prudently run our businesses with
increased efficiencies. We're confident that the spirit of independent
filmmaking and the opportunity to find and give a voice to new talent will
continue to have a presence at Warner Bros."

The move follows the
integration of New Line Cinema into Warner Bros. Entertainment earlier this
year, as part of cost-cutting initiatives put in place by Jeff Bewkes, who
became president and CEO of Time Warner in January.

Bob Berney, the president
of Picturehouse, and Polly Cohen, the president of Warner Independent Pictures,
together with their management teams, will be meeting with executives from the
Warner Bros. Pictures Group to determine the status of projects in various
stages of development and acquisition, as well as distribution of already-dated
films. Upcoming Picturehouse films include Mongol, Kit Kittredge: An American Girl and The Women. Warner Independent's upcoming releases include Towelhead and Slumdog Millionaire.

—By Mansha Daswani