Miramax Films, owned by the Walt Disney Co., will be decreasing the number of movies it produces each year to save money, reports CBC.

The division plans to produce three movies per year instead of the current six to eight, eliminating approximately 50 jobs in New York and Los Angeles. About 20 employees, most of them at the group’s headquarters in New York, will remain, including president Daniel Battsek.

Walt Disney Studios president Alan Bergman, said the decision to decrease production at Miramax “maximizes operating efficiencies and provides significant cost savings,” while allowing them to focus on high-quality entertainment.

Disney purchased Miramax for $80 million in 1993. The majority of the division’s films have failed at the box office in recent years.






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