It was only a matter of time. When New Line was acquired by Time Warner it was only the heads of New Line who could keep the company in tow. But, there time has come, they’re leaving and now Time Warner and Warner Bros. are swallowing up New Line whole.

This means that as of yesterday, 40-50 New Line employees were given their pinkslips.

That’s not all, another 400 jobs are going to be cut as the decision to fold New Line into Warner Bros.

New Line’s headquarters is expected to remain in West Hollywood on Robertson Blvd. (across from the Ivy)

New Line will maintain a smaller development, creative and production staff as well as do marketing, publicity and business affairs. However, Warner will take over the distribution of completed New Line pictures.

Time Warner head honcho Jeff Bewkes said on February 28th that the move to bring New Line into the fold would save about $50 million annually. New Line will have a mandate of 6-8 fllms a year and will be more focused on niche films in the vein of “Wedding Crashers” and ‘Freddy vs. Jason” which has been the bread and butter of the studio that was independent for 40 years with heads Robert Shaye and Michael Lynne at its helm.

Toby Emmerich has taken over as CEO, formerly the company’s president and Richard Brener, senior executive Vice President is now president of production as well as Chief Operating Officer of the company. Other New Line production executives expected to stay on with New Line include Sam Brown, Michael Disco and Michele Weiss.

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