Studio hierarchy announced the move in a call with analysts after the Q4 earnings report declared a $263.2m net loss.
Top brass said on the call they expected the sale of the Glendale site to bring in $185m and planned to lease it back.
The bad news in the earnings call included a $57m write-down on Penguins Of Madagascar, which executives had projected in January. Stock fell 9.1% on Tuesday to $19.21 after the announcement and clawed back 2.5% to end the day on $21.13.
In light of the January restructure that has brought around 500 job losses, the flight of several key senior executives and a new focus on two films a year, CEO Jeffrey Katzenberg remained upbeat in what he called a transitional year for DreamWorks Animation.
Katzenberg said he expected the studio’s sole 2015 release – Home – to at least break even and pointed to encouraging signs for the merchandising business based on sales related to Voltron and Dinotrux, the company’s releases on Netflix.
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