Word about potential layoffs at Warner Bros. surfaced in early September, which resulted in a memo to employees from Tsujihara confirming the cuts. The layoffs are said to be triggered by pressure to cut costs from Jeff Bewkes, chief executive of Time Warner. He has promised investors that the company can create more value by remaining independent and efficient. In July, Time Warner rejected an unsolicited $80 billion acquisition bid from media mogul Rupert Murdoch, an offer that Murdoch formally withdrew in early August. Tsujihara also outlined the studio's theatrical slate for the next six years that will include 10 movies based on characters from DC Entertainment, including Wonder Woman, The Flash, and Aquaman; three spinoffs from the "Harry Potter" franchise penned by "Potter" author J.K. Rowling; and three Lego-branded movies.