Time Warner's Warner Bros. Unit Starts Job Cuts, Tells Employees

Warners Brothers is telling employees that layoffs will start this week. In an e-mail to staff, Warner Bros. Chairman and CEO Kevin Tsujihara says the company is cutting staff to reduce costs and meet its financial targets. He says some departments such as finance and technical operations could see job cuts in the first quarter of the next fiscal year. The film studio is the latest division of Time Warner Inc. to cut jobs following a failed takeover bid by 21st Century Fox in August. A spokesman for the company declined to disclose the number of layoffs planned. Variety reports that the cuts will total about 1,000. That would be more than 10 percent of the company's 7,300 workers, according to CapitalIQ.