Turner to Cut 10% of Jobs to Boost Profit, Fund Programming
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Time Warner’s Turner Broadcasting division will eliminate 1,475 positions, about 10% of its global workforce, as part of a broader initiative to improve profitability.
The cuts will take place at 18 locations worldwide, and include news, entertainment and sports, as well as corporate jobs, the company said yesterday in a statement. Turner, which operates CNN, TNT and TBS, has about 14,000 full-time employees, according to the statement.
Time Warner, based in New York, is under pressure to improve its performance after CEO Jeff Bewkes spurned a $75 billion buyout offer from Rupert Murdoch’s 21st Century Fox and said his company would deliver better returns to investors on its own. Eliminating salaries will free up cash for new investments, such as in live sports.
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