Turner Broadcasting Systems Inc. will cut its workforce by about 10 percent, or 1,475 workers, in the coming weeks through layoffs, buyouts and other measures, the company announced Monday.
Atlanta-based Turner, which is owned by Time Warner, said 975 of the job reductions will be in metro Atlanta, which is taking the brunt of the cuts. In addition to TNT, Turner's holdings include CNN, TBS, Cartoon Network, truTV, HLN and other networks and online sites.
The company said fewer than 300 of the job cuts will be at CNN Worldwide.
The company said the cuts are being made to reduce redundancies, focus resources and prioritize investment in programming, monetization and innovation.
"It's our responsibility as business leaders to focus Turner's talent pool where individuals and groups will deliver the greatest return for the company, for Time Warner and for our shareholders," Chief Executive Officer John Martin said in an internal memo to employees, obtained by The Atlanta Journal-Constitution.
Atlanta Mayor Kasim Reed said he expected Turner to preserve as many jobs locally as possible.
"For more than 30 years, Turner Broadcasting System (TBS) has served as the leading news, entertainment, and animation company in our city, state and region," Reed said in a statement. "Despite Turner's decision to reduce staff globally, including operations in Atlanta, we are confident that its leadership team will work to preserve as many of the 5,500 full-time positions located in the city where TBS was founded."
Turner said the cuts from among 14,000 full-time positions worldwide 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.
The cuts are being made through a combination of voluntary buyouts, layoffs and other measures. Employees whose positions are directly impacted will be advised over the next two weeks and will be offered severance pay for transition, the company said.
(c)2014 The Atlanta Journal-Constitution (Atlanta, Ga.)
Visit The Atlanta Journal-Constitution (Atlanta, Ga.) at www.ajc.com
Distributed by MCT Information Services