DreamWorks Animation sells HQ after loss
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DREAMWORKS Animation SKG Inc reported a fourth-quarter loss of US$263.2 million and sold its headquarters after writing down some films and cutting production. Revenue rose 15 per cent to US$234.2 million, it said, missing the US$246.1 million average of estimates. The studio behind the Shrek movies is revamping its film business to focus on fewer, higher quality projects. DreamWorks Animation said on Tuesday it agreed to a sale and leaseback of its headquarters campus for US$185 million and refinanced a credit line, moves that with other cost-saving steps will boost its cash by about US$235 million.
The studio, led by CEO Jeffrey Katzenberg, said in January it will reduce production to two films a year and eliminate 500 jobs to improve the quality and profitability of its pictures.
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