This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Time Warner Slims Network-TV Operations With Largescale Layoffs

NEW YORK (TheStreet) -- Time Warner  (TWX - Get Report)  , which successfully fended off a hostile takeover attempt by 21st Century Fox FOXA, is learning that independence can be a lonely road. Especially for those who just lost their jobs.

The owner of HBO and CNN plans to offer buyouts to 500 to 600 employees at its Turner cable division in a move aimed at restructuring its operations, i.e., making it smaller. The unit, which includes cable news network CNN, has been suffering lower ratings and higher programming costs. Turner currently employs 14,000 across its networks which, in addition to CNN, includes TNT, Cartoon Network and HLN.

In an employee memo, and first reported by The Wrap, Turner CEO John Martin wrote, "Division leaders now are reviewing the working groups' reports on their respective areas of oversight... Over the coming weeks, they will work with me to finalize the organizational changes we will implement."

Read More: Warren Buffett's Latest Whopper of a Yield Deal

Should buyouts not be taken voluntarily, layoffs will follow with the bulk focused on HLN and CNN. The latter property was recently valued at $5 billion after 21st Century Fox  (FOXA - Get Report) assessed its sale to avoid antitrust issues in bid for Time Warner. Its bid was later withdrawn.

A spokesperson for Time Warner declined to comment on the report.

--Written by Keris Alison Lahiff in New York.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
FOXA $34.87 -0.29%
TWX $83.26 0.22%
AAPL $126.39 -1.70%
FB $81.17 0.34%
GOOG $574.64 0.22%


DOW 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs