Warner Bros. planning to lay off 10 percent of worldwide staff

Small indie studios aren't the only ones struggling in hard economic times. Warner Bros. announced that it will cut 800 jobs, a total of 10 percent of its staff.

The job cuts, which have been rumored for months, finally came in the midst of slumping stocks. The parent company to WB, Time Warner Inc., posted a 52-week low of $7 per share on Nov. 20. These losses come in the same year that The Dark Knight raked in the second highest domestic box office gross of all time for WB.

Last year WB, shut down its Picturehouse and Warner Independent divisions. Warner Independent was responsible for this year's Oscar-nominated Slumdog Millionaire.

WB isn't the first studio to make cuts. Last year Viacom, CBS, NBC, Universal and Lionsgate purged employees.

The layoffs at WB will include 300 employees losing jobs outright, 300 jobs being outsourced and 200 open positions being closed.