As part of Turner 2020, the cost-cutting and reorganization plan announced earlier this year, the parent company of CNN, HLN, TBS and others, just announced it plans to cut 1,475 jobs.
The cuts, first announced in August, will come from across the company’s networks and corporate functions and will include layoffs, buyouts and unfilled positions. Turner says it will also add 150 new jobs.
“Employees whose positions are directly impacted will be advised over the next two weeks and will be offered severance pay for transition,” CEO John Martin writes in a note to staff.
Turner Broadcasting was founded in Atlanta by Ted Turner in 1970. Turner merged his company with Time Warner in 1996. Atlanta will continue to house the largest employee base, currently at 5,500 full-time employees.
Read Martin’s note after the jump…
Turner Broadcasting System, Inc. will reduce its global workforce of some 14,000 full-time employees by approximately 10 percent, the company announced today. The position eliminations, which will total approximately 1,475 roles, 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. Employees whose positions are directly impacted will be advised over the next two weeks and will be offered severance pay for transition.
The position eliminations are one component of a comprehensive initiative and company reorganization to focus resources and prioritize investment in programming, monetization and innovation as near- and long-term drivers of growth.
This reorganization includes position reductions from a voluntary separation program, involuntary separations, elimination of unfilled headcount and the addition of approximately 150 new positions in areas of investment and growth. Turner Broadcasting will continue to maintain significant employee populations in major cities around the world, including Atlanta, New York, Los Angeles, Washington, D.C., London, Hong Kong, Mumbai, Buenos Aires and Santiago. Atlanta remains the company’s largest employee base, with more than 5,500 full-time employees.