Time Warner (NYSE: TWX) is slashing 450 jobs from New Line Cinema, Reuters reports. The job cuts were expected, as the movie studio is being absorbed by the company’s Warner Bros Entertainment unit. Roughly 40 New Line staffers will be offered new jobs at Warner Bros., as long as their post doesn’t already exist. About 40 to 50 existing New Line employees will remain at the formerly independent division. New Line’s co-chairmen/co-CEOs Robert Shaye and Michael Lynne were ousted when Time Warner CEO Jeff Bewkes announced the merger plans in February.

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