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DreamWorks to cut movie production, fire 500 staff

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BOX-OFFICE MISSES: 'Penguins of Madagascar' was one of DreamWorks' movies that failed to meet box-office projections or required write-downs.

Los Angeles

DREAMWORKS Animation said on Thursday that it would reduce its movie output and lay off 500 employees, or roughly 19 per cent of its staff, a retrenchment that follows a string of box-office misfires and two failed merger attempts.

The struggling studio said the moves