DreamWorks to lay off hundreds employees

DreamWorks Animation officials confirmed Thursday that the company will lay off 500 employees in 2015 and reduce its feature film production from three films a year to two to cut cost.

"The number one priority for DreamWorks Animation's core film business is to deliver consistent creative and financial success," the company CEO Jeffrey Katzenberg told local media. "I am confident that this strategic plan will deliver great films, better box office results, and growing profitability across our complementary businesses," he said.