Earlier this week, we reported that DreamWorks Animation was preparing substantial layoffs in the wake of losing money on three of their last four films. Now, they have announced that they are cutting approximately 500 jobs studio-wide.

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

To that end, the studio will begin producing just two movies per year, down from three. For the next three years, those movies will be: Kung Fu Panda 3 and Trolls in 2016; Boss Baby and The Croods 2 in 2017; and Larrikins and How to Train Your Dragon 3 in 2018.

The layoffs come following the appointment of Bonnie Arnold and Mireille Soria as new co-presidents of DWA’s feature film division.

DreamWorks Animation’s How to Train Your Dragon 2 is currently ranked #16 on Flickchart for 2014, and is a favorite in this year’s Oscar race for Best Animated Feature. Unfortunately, it is only one success in a recent string of failures for the studio, as DWA lost money on Rise of the Guardians, Turbo and Mr. Peabody & Sherman. Currently in theaters, Penguins of Madagascar is not performing to expectations for the studio, either.

Source: Variety