Breaking NewsBenefitsPro.com will be offline for scheduled maintenance Saturday May 8 3 AM US EST to 12 PM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
(AP Photo/Mark Lennihan, File)
Aug. 26 (Bloomberg) — Time Warner Inc., which fended off a $75 billion takeover bid from 21st Century Fox Inc., is offering buyouts to older employees at its Turner cable networks.

Turner, which includes the CNN, TNT, TBS and HLN cable channels, is offering voluntary buyouts to U.S. employees age 55 and older who have been working at the company for at least 10 years, according to an internal memo today. The company said it will also cut additional jobs.

Turner is focusing on trimming expenses as Time Warner Chief Executive Officer Jeff Bewkes aims to prove to shareholders that his growth plan will create more value than Rupert Murdoch’s withdrawn acquisition offer. The company is trying to increase the fees collected from pay-TV distributors by 10 percent annually, even as ratings have slumped. The Turner unit also includes truTV, Turner Classic Movies and Cartoon Network.

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.