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PICTUREHOUSE AND WIP SHUT DOWN!!!
Variety is reporting the stunning news that Warner Bros. is shutting down both Picturehouse and Warner Independent. Speculation has been running in the indie community about the fate of the companies following the demise of New Line (which was a co-owner, with HBO, of Picturehouse) as a standalone studio and distributor. Observers had imagined a variety of scenarios, but I don’t think anyone thought that both companies would be folded.
Here’s Warner prez and COO Alan Horn’s statement:
“With New Line now a key part of Warner Bros., we’re able to handle films across the entire spectrum of genres and budgets without overlapping production, marketing and distribution infrastructures. After much painstaking analysis, this was a difficult decision to make, but it reflects the reality of a changing marketplace and our need to prudently run our businesses with increased efficiencies. We’re confident that the spirit of independent filmmaking and the opportunity to find and give a voice to new talent will continue to have a presence at Warner Bros.”
