Courtesy of Benzinga.
Time Warner (NYSE: TWX) offered buyouts to up to 600 of its Turner Broadcasting unit workers Tuesday, but that could be just the tip of an iceberg of pending layoffs.
The unit, which launched a company-wide review of its operations in June, expects to fire up to 20 percent of its 13,000 workers by year end, according to a report in the Atlanta Journal-Constitution.
Turner Broadcasting CEO John Martin last week told employees that results of the review were coming in.
"Our plan is to begin communicating in the next two months both general and specific changes we will make to structures, models and roles," Martin said an August 12 employee memo. "We'll start 2015 a more streamlined, nimble and efficient company," Martin promised workers.
In a conference call with employees August 19, CNN chief Jeff Zucker sounded glum.
"We are faced with reality, we are going to have to do what we do with less. As a result, that means there will be changes. No final decisions have been made. I will be meeting with senior management of CNN. You will hear from your manager in the next week or so."
Time Warner shares traded recently at $77.06, up 0.14 percent.
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