Film studio New Line Cinema has been consolidated into Warner Bros. Entertainment in a move to improve operating efficiencies and save money. New Line, the studio behind “The Lord of the Rings” trilogy, “Wedding Crashers,” and “Hairspray, will operate as a separate unit but closely coordinate its development, marketing, distribution and business affairs operations with Warner Bros. The consolidation improves the value of New Line, Time Warner President and Chief Executive Officer Jeff Bewkes said. “Given the trend toward fewer movie releases, New Line and Warner Bros. will now have more complementary release slates, with New Line focusing on genres that have been its strength,” Bewkes said. New Line was founded in New York City in 1967 by Robert Shaye as a distributor of foreign and art house films. Shaye and Co-Chairman and Co-CEO and Michael Lynne will not longer be connected with New Line, but are in discussions about possible future business relationships with the company.