Time Warner’s (TWX) Turner Broadcasting division has announced plans to slash about 10% of its 14,000 full-time jobs worldwide. The division includes CNN, The Cartoon Network and TBS.
There are a reported 1,475 jobs slated to be cut, the company said in a statement. The number includes the 500 to 600 buyouts planned for senior workers announced in September. That came on the heels of the company turning down a $71 billion takeover bid from Rupert Murdoch in August.
The cuts, according to Turner, “will come at all levels from across 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.”
The layoffs are part of Time Warner’s plan dubbed Turner 2020 announced by Turner CEO John Martin in June. The layoffs are an effort to lower costs and bolster profits.
The news of the latest round of job cuts for the broadcasting division comes after Time Warner and the NBA made public that they’ve inked a new, long-term deal earlier Monday. The agreement — also with Walt Disney (DIS) — is worth $24 billion total, or three times the amount previously. In the past, Time Warner has paid $445 million each year and will likely see that amount more than double, according to The Wall Street Journal.
