Thursday, October 30th10.6°C
23696

Buyout plan offered to Turner employees as broadcasting company looks to downsize

NEW YORK, N.Y. - The corporate parent of CNN, TNT and TBS on Tuesday offered voluntary buyouts to 600 veteran employees, part of an overall cost-cutting effort at the Atlanta-based broadcasting company founded by Ted Turner.

The offer went out to U.S.-based employees who are over 55 and have worked at the company for at least 10 years, excluding on-air talent and others with specific contracts. Some 9,000 of Turner's 13,000 employees are based in the United States.

The company would not comment Tuesday, saying it should become clear this fall how many employees it will be shedding. Turner Broadcasting chief executive John Martin has been talking for several months about a restructuring plan he has called Turner 2020.

Turner is a division of Time Warner, the media company whose profitability is being closely watched following a spurned takeover bid earlier this year by Rupert Murdoch's News Corp. Turner also owns The Cartoon Network, HLN, Tru TV and Turner Classic Movies.

CNN's chief executive, Jeff Zucker, told some of the news network's employees that "we are going to do less and have to do it with less," according to a partial transcript of a call this week that was quoted by The Atlanta Journal-Constitution.

Zucker has been trying to restructure the news network with a greater emphasis on non-fiction programming that can be aired several times, in addition to ongoing news coverage.

In a letter to employees explaining the buyout offer on Tuesday, Turner management said it was identifying cost savings and shifting spending to high-growth areas.

Although management called the buyout "strictly voluntary," the letter noted that "Turner will also undertake additional reductions in staffing."

TNT and TBS, networks once dominated by reruns of old broadcast shows, are under increased pressure to follow the industry lead and make more original programming.

The Canadian Press


Read more Business News

23630


Recent Trending




Today's Market
S&P TSX14458.69-68.88
S&P CDNX771.65-9.42
DJIA17195.42221.11
Nasdaq4566.138+16.912
S&P 5001994.65+12.35
CDN Dollar0.8931-0.0003
Gold1199.60+1.00
Oil80.73-0.17
Lumber322.40-1.20
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.11+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.150.00
Cantex0.045-0.015
Anavex Life Sciences0.1711-0.0089
Metalex Ventures0.0350.00
Russel Metals32.22-0.35
Copper Mountain Mining1.97-0.05
Colorado Resources0.14+0.005
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.375+0.005

 



23028

FEATURED Property
1984057253-2001 Highway 97 S
3 bedrooms 2 baths
$87,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


23091