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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: