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Columbia Pictures Firings Told

December 10, 1987|Associated Press

NEW YORK — Coca-Cola Co.'s Columbia Pictures Entertainment unit plans to dismiss as many as 500 employees, or about 14% of its work force of 3,500 people, as part of a previously disclosed restructuring to cut costs $40 million a year, the Wall Street Journal reported today, citing unidentified executives as its source . A spokeswoman for Columbia was not immediately available for comment on the report.

The article said the layoffs are part of the planned merger of Coke's entertainment sector, which includes Columbia Pictures, with Tri-Star Pictures Inc., in which Coke owns a one-third interest. Coke had previously disclosed that it is setting up a $100-million reserve for Columbia Pictures Entertainment to cover restructuring costs such as laying off employees and writing down canceled movie and television projects.

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