Warner Bros. CEO Kevin Tsujihara confirmed the rumblings that the studio would be making layoffs at all levels.
"In recent days, we have started to hear rumors here at the company and to read misinformation in the press, so I'd like to set the record straight," Tsujihara wrote in a memo sent to staff on Thursday evening.
"We are doing our best to minimize staff reductions. However, and it pains me to say this, positions will be eliminated-at every level-across the Studio."
The personnel cuts come after Rupert Murdoch's 21st Century Fox pulled its bid to take over Time Warner, the studio's parent company, and a dismal return at the box office this summer.
Murdoch, the CEO and chairman for Fox, offered $80 billion to "create one of the world's largest media conglomerates" on July 16, but walked away from the deal on Aug. 5, according to Reuters. Time Warner's stock dropped from $87 a share to $72 after Murdoch pulled out.
Warner Bros. ruled the domestic box office in 2013, but has fallen behind Fox and Disney so far this year. The studio's $1.08 billion U.S. box office trails far behind the $1.86 billion mark set last year, according to Variety.
Tsujihara did not specify when, where or how the cuts would be handled. Warner Bros., located in Burbank, California, has 8,000 employees and ranks at or near the top of the box office every year.
