Turner to slash 10% of jobs, including at CNN

GMT 23:41 2014 Monday ,06 October

Arab Today, arab today Turner to slash 10% of jobs, including at CNN

The CNN Center building
New York - AFP

Turner Broadcasting will cut 10 percent of its workforce, including about 300 jobs at its CNN division, in a move to slash costs and refocus the media group.
Turner said in a statement Monday it will be eliminating about 1,475 positions out of 14,000 full-time posts worldwide in the coming weeks.
The cuts "are at all levels of the company's news, entertainment, kids, young adult and sports networks and businesses, as well as corporate functions, in 18 Turner locations around the world," Turner chief executive John Martin said in a memo to staff cited by CNN.
The company, a unit of the media conglomerate Time Warner, will use buyouts and layoffs to achieve its job reductions, which is part of a broader plan called "Turner 2020" to refocus the company.
"The position eliminations are one component of a comprehensive initiative and company reorganization to focus resources and prioritize investment in programming, monetization and innovation as near- and long-term drivers of growth," the statement said.
- Growth areas get investment -
Turner said that under the plan it would be adding some 150 new positions "in areas of investment and growth."
A CNN report said buyouts for employees at the cable news network age 55 and older were announced in August, but that 170 employees would be laid off.
In addition to CNN, Turner operates cable channels including TNT, TBS, and the Cartoon Network.
The job cuts come with CNN, which has a global workforce of some 3,500, facing pressures from a changing news landscape, including more competition from online video.
The entertainment units meanwhile, are being challenged by streaming services such as Netflix and Hulu.
The statement said that Turner Broadcasting "will continue to maintain significant employee populations in major cities around the world, including Atlanta, New York, Los Angeles, Washington, London, Hong Kong, Mumbai, Buenos Aires and Santiago."
Atlanta remains the company's largest employee base, with more than 5,500 staff.


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