New Line’s 40-year run as an independent studio ended Thursday when Time Warner said it would fold the company into Warner Bros.

New Line will become a unit of Warners, maintaining separate development, production, marketing, distribution and business affairs operations.Co-toppers Bob Shaye and Michael Lynne are leaviong but are in talks to continue some business relationship with Warners.

Unfortunately, we will hear about “pink slips” and lay offs.

Check back at Variety.com for updates.

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