Warner Plans Buyouts After Movies' Weak Summer — but Home Entertainment Holds Up
Posted in: Uncategorized
Time Warner’s Warner Bros. unit plans to offer buyouts to an unspecified number of workers as part of a drive to increase profit following a dismal summer season at movie theaters, according to two people with knowledge of the situation.
The Burbank, California-based studio, led by Chairman-CEO Kevin Tsujihara, may fire staff if too few employees take the offer, said the people, who asked not to be identified because the matter is private. Cost cuts at the film, TV and home-entertainment businesses will go beyond personnel, the people said, without being more specific.
Time Warner CEO Jeff Bewkes is pushing division heads to operate more efficiently after rejecting Rupert Murdoch’s $75 billion takeover bid and promising investors his standalone growth plan will create more value. John Martin, CEO of the Turner division that includes CNN and TBS, has offered buyouts to about 6% of its U.S. employees.
Post a Comment