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Turner Broadcasting Layoffs: Time Warner (TWX) Unit to Offer Buyouts

About 600 of its employees are eligible for buyouts


Turner Broadcasting — a Time Warner (TWX) company — announced buyout offers for some of its employees followed by layoffs.

Turner BroadcastingThe company’s voluntary buyout is available for about 600 of its 9000 US employees. Turner Broadcasting is looking to cut costs in a number of its channels including TNTTBS and CNN.

Network employees age 55 or older who have worked for Turner for 10 or more years are eligible for a buyout. Turner Broadcasting is offering nine weeks of salary and an additional four weeks of salary for each year of employment.

The buyouts will be followed by layoffs which Turner Broadcasting will announce at a later date.

TWX stock is up about 0.05% Tuesday afternoon.

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