Some 550 buyouts are to be offered at Time Warner’s Turner network this week, which will eventually lead to layoffs if they are not accepted, an individual with knowledge of the network’s plans told The Wrap.
A couple of hundred buyouts are expected to be offered at CNN and HLN, the individual said in an article published Monday.
The news comes shortly after Turner Broadcasting System CEO John Martin revealed in an internal memo Tuesday that employees could expect corporate restructuring in the coming months, The Wrap reported.
“Division leaders now are reviewing the working groups’ reports on their respective areas of oversight,” Mr. Martin wrote. “Over the coming weeks, they will work with me to finalize the organizational changes we will implement.”
He said Turner will start 2015 as “a more streamlined, nimble and efficient company focused on driving programming, monetization and innovation, in a culture that emphasizes and rewards continuous improvement,” The Wrap reported.
The Atlanta Journal-Constitution said in a separate report that the employee cuts could be anywhere from 15 to 20 percent. Turner includes 13,000 employees across networks ranging from CNN and HLN to TBS, TNT and Cartoon Network. Half are based in Atlanta, the report said.
• Jessica Chasmar can be reached at jchasmar@washingtontimes.com.
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