CNN Worldwide will cut about 300 positions, Brian Stelter reports. Its parent company, Turner Broadcasting, wants to reduce its number of employees by about 10 percent.
About 130 of the CNN cuts are coming from buyouts, Stelter writes. The remainder “will be cut through layoffs.”
Turner is in turn owned by Time Warner. USA Today media columnist Michael Wolff wrote Sunday that Time Warner CEO Jeffrey Bewkes wants to raise the company’s stock price, and “the fast way to $100 a share is the kind of deep cost-cutting that this relatively complaisant company has never been known for.” Read more