Turner Broadcasting System said Monday it will reduce its global workforce of 14,000 people by about 10%. The eliminated positions, numbering about 1,475 jobs, will be made 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. Employees whose positions are directly impacted will be advised over the next two weeks and will be offered severance pay for transition.
The workforce rddutcion have been hinted at since new CEO John Martin introduced Turner 2020, a plan to revitalize the company. In August, Turner said it would offer buyouts to about 500 company veterans with 10 or more years at the company. News of the layoffs comes on the same day that Turner announced it would spend an estimated $10.8 billion over the next nine years ($1.2 billion per year) for National Basketball Association rights.
Turner said the reorganization includes position reductions from a voluntary separation program, involuntary separations, elimination of unfilled headcount and the addition of approximately 150 new positions in areas of investment and growth. Turner Broadcasting will continue to maintain significant employee populations in major cities around the world, including Atlanta, New York, Los Angeles, Washington, D.C., London, Hong Kong, Mumbai, Buenos Aires and Santiago. Atlanta remains the company's largest employee base, with more than 5,500 full-time employees.
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