Turner announces buyout program for nearly 600 employees
Update: Turner Broadcasting confirmed rumors Tuesday that the company will offer buyouts to almost 600 of its employees as part of an effort to cut costs across multiple channels, CNN's Brian Stelter reports.
Turner owns CNN, HLN, Cartoon Network and Adult Swim. It is a subsidiary of Time Warner.
The buyouts will be offered to "Turner staffers age 55 and older who have been with the company for 10 years or more," Stelter writes.
The Wrap's Tony Maglio and Sharon Waxman reported Monday that "a couple of hundred of these buyouts will occur at CNN and HLN," both Turner Broadcasting networks. The cuts are part of a restructuring effort aimed at downsizing the company's staff by 15 to 20 percent, Rodney Ho wrote for the Atlanta Journal-Constitution.
Last week, CNN president Jeff Zucker told editorial employees that the international broadcasting company was going to "do less and have to do it with less," Matt Kempner and J. Scott Trubey write for the AJC. Zucker's call came the day after Turner executive chairman John Martin said in a memo to employees the company was looking to become more streamlined by the beginning of 2015.