New Line Now Under Warner Brothers

(andPOP) - Time Warner Inc. is folding New Line Cinema, and merging its works with Warner Brothers, Reuters reports.

The studio, which has produced films such as the Lord of the Rings trilogy and Hairspray, has existed for 40 years as an independent studio.

Under Warner Brothers, New Line will maintain separate production, development, marketing and distribution efforts from the main studio.

"We are moving quickly to improve our business performance and financial returns," Jeff Bewkes, president and CEO of Time Warner, said in a statement.

Time Warner announced earlier this year that they planned to cut costs at New Line Cinema.