Los Angeles: Dreamworks Animation has said they would cut 500 jobs in all divisions and reduce their release into two movies per year, which consists of one new movie and a sequel.
The decision came after the American animation studio gave some flops and with the new move they try to improve their releases, reported Ace Showbiz.
Previously, the company who scored box office hits with "Shrek" and "Madagascar" had some misses. They had USD 83 million in losses with "Rise of the Guardians", USD 13 million with "Turbo" and USD 57 million with "Mr Peabody & Sherman".
"The number one priority for DreamWorks Animation's core film business is to deliver consistent creative and financial success," DreamWorks Animation 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," Katzenberg added.
According to the announcement, "How to Train Your Dragon 3" is now pushed back to 2018. The follow-up to Oscar-nominated "How to Train Your Dragon 2" was originally set for release in 2017, but it now gets a June 29, 2018 release.
"Boss Baby" is also pushed back to January 13, 2017. "Kung Fu Panda 3" will be released on March 18, 2016, "Trolls" on November 4, 2016, "The Croods 2" on December 22, 2017 and "Larrikins" on February 16, 2018. This year, they will only release "Home" which is set to hit theaters on March 27.