Voluntary Buyouts Start At Turner Broadcasting
Turner Broadcasting today sent a memo to staff that says some employees have been offered voluntary buyouts as part of the company’s cost cutting plan.
About 500 staffers were expected to be offered the buyouts, including people working at the company’s news and entertainment cable networks. It is not known how many will accept the buyouts or whether layoffs will follow if sufficient personnel savings do not result from the buyouts.
The buyout offer covers U.S. employees age 55 and up with 10 years of services to the company. On-air talent and employees covered by a written employment agreement are excluded from the buyout.
New Turner CEO John Martin’s Turner 2020 plan is aimed at shifting costs to areas where the company sees opportunities for growth. When the plan was announced, staffers were warned that staffing changes were likely.
Here is the text of the memo:
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.