Click here to receive Mediabistro’s Morning Media Newsfeed via email.
550 Buyouts, Layoffs Imminent at Turner; HLN, CNN Among Cuts (The Wrap)
Some 550 buyouts are to be offered at Time Warner’s Turner network this week, including a large number of those at CNN and HLN, which will lead to layoffs if they are not taken voluntarily, according to an individual with knowledge of the network’s plans. TVNewser CNN chief Jeff Zucker will certainly want to protect CNN’s investment in original series and documentaries; the type of programming he’s gone all in on since taking the reins last year. Which departments and programming are affected by cuts remains to be seen. Variety Word of the staff cuts comes at a time when key Turner nets are at a crossroads. Turner’s entertainment networks are poised for a management overhaul following the departure in April of Steve Koonin as entertainment group chief. Meanwhile, CNN sibling HLN has been rumored to be in for a major makeover, possibly in a partnership deal between Time Warner and Vice Media. B&C The buyouts are part of the Time Warner unit’s efforts to cut costs as part of new CEO John Martin’s Turner 2020 plan aimed at cutting costs and aligning spending with company priorities. Turner officials had no comment, but sources said that the voluntary layoffs will be offered throughout Turner, including its news networks CNN and HLN, as well as its entertainment networks, including TNT and TBS. The company is not aiming at a specific headcount but rather is seeking to hit an expense number that includes personnel and other costs. THR The plan at Turner, which employs about 14,000 people worldwide, involves a formula that will allow workers at least age 55 and with a certain number of years seniority to take a buyout somewhat more generous than the usual two weeks of pay for every one year of service, according to a person familiar with the situation.