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550 Buyouts, Layoffs Imminent At Turner; HLN, CNN Among Cuts
An individual with knowledge of the network's plans tell TheWrap a large portion are expected at the two cable channels
Some 550 buyouts are to be offered at Time Warner's Turner network this week, including a large number of those at CNN and HLN, which will lead to layoffs if they are not taken voluntarily, according to an individual with knowledge of the network's plans.
The buyouts will come across the Turner division, with a couple of hundred expected at CNN and HLN, the individual said.
A CNN spokeswoman had no immediate comment.
News of the buyouts comes shortly after Turner Broadcasting System CEO John Martin revealed in an internal memo Tuesday that corporate restructuring was coming in the next two months.
“Division leaders now are reviewing the working groups’ reports on their respective areas of oversight,” Martin wrote. “Over the coming weeks, they will work with me to finalize the organizational changes we will implement.”
Time Warner-owned Turner is the parent company of HLN.
Martin's note also stated that the company will ”start 2015 a more streamlined, nimble and efficient company focused on driving programming, monetization and innovation, in a culture that emphasizes and rewards continuous improvement.”
CNN chief Jeff Zucker called in to a Turner news meeting last week to elaborate on Martin's memo. The Atlanta Journal-Constitution posted a partial transcription on Sunday.
“We now have a sense of what Turner is expecting from CNN,” Zucker said on the call. “I am working with the senior management team at CNN to figure out what this means for us. This will result in changes and what we do and what we stop doing.”
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