DreamWorks Animation announced on Thursday a restructuring plan that includes cutting 500 jobs and reducing feature film production from three movies per year to two. The studio's cost-cutting strategy includes taking a $290-million charge in relation to the layoffs and is expected to result in annualized pretax cost savings of an estimated $30 million in 2015, according to studio officials. The California-based company will also restructure its core feature animation business, cutting the amount of films it release each year to "ensure the consistent and profitable deliver of high-quality films." DreamWorks Animation Chief Executive Jeffrey Katzenberg said, "I am confident that this strategic plan will deliver great films, better box-office results and growing profitability across our complementary business." The layoffs are the largest in the studio's history.