There is more turmoil in Tinseltown as 450 New Line employees are getting pink slipped as a result of Warner Bros absorbing the company. According to Empire, New Line raked in the audiences and box office dollars from the "Lord of the Rings" trilogy, but struggled in more recent years due to smaller box office returns. Most recently, the lackluster reception of "The Golden Compass" hit the company particularly hard. On Feb. 28 Bob Shaye and Michael Lynne, co-chairmen and co-CEO's of New Line, released a letter to their colleagues. In it, they state: "The company will be holding group meeting with New Line employees tomorrow in Los Angeles and New York to discuss this announcement, and is committed to letting employees know as soon as possible about how this change affects them individually." After announcing they are stepping down, Shaye and Lynne remind their colleagues of the successes the company has accomplished.  "From its humble beginnings 40 years ago, our studio has created some of the most popular and successful movies of all time. Those movies are a tribute to the amazing creative energy and entrepreneurial abilities of the talented people at New Line. They are a legacy that will endure forever." Along with the layoffs, Rueters announced that 40-50 New Line employees will stay on as Warner Bros employees. "A Nightmare on Elm Street," "Friday the 13th," "Final Destination," "The Texas Chainsaw Massacre" and "The Butterfly Effect" were produced or co-produced by New Line Cinema.