DreamWorks Animation plans substantial layoffs

Stung by a series of box office misfires and failed sale attempts, DreamWorks Animation plans a substantial number of layoffs, two people familiar with the matter said.

While the number of people who will lose their jobs has not been cemented, the number is expected to exceed the 350 layoffs in 2013 after the studio shelved production of the movie "Me and My Shadow," according to the Los Angeles Times.

The company has reported three write-downs in the last two years for "Mr. Peabody & Sherman," "Rise of the Guardians" and "Turbo." Its most recent release, "Penguins of Madagascar," also has underperformed since its premiere in November.

Read more from the Los Angeles Times.