Turner Broadcasting offering buyouts

Published on NewsOK Modified: August 26, 2014 at 1:13 pm •  Published: August 26, 2014
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NEW YORK (AP) — 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.

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