'Dark Knight' Couldn't Save 800 Jobs at Warner Bros.

Warner Bros. Entertainment announced today that they'll be slashing their worldwide staff by 10%, or 800 people. Yes, it's the recession. Hollywood has become more savvy to outsourcing and for Warner, management information systems and accounts payable are among the first to go that way. "There are both cyclical and secular issues with film production. For many years, there has probably been too many movies being produced and a cyclical downturn has forced some rationalization," an analyst told Reuters. Sony has already announced a cut in 8,000 jobs in their electronics division, but their Hollywood division is expected to be next.