About 10% of its worldwide workforce -- around 1,475 positions out of 14,000 full-time jobs -- will be eliminated. This will come across a wide range of the company's news, entertainment, kids, young adult and sports networks and businesses, and will include Turner corporate posts -- some 18 locations around the world.
In a statement, the company says: “The position eliminations are one component of a comprehensive initiative and company reorganization to focus resources and prioritize investment in programming, monetization and innovation as near- and long-term drivers of growth.”
The cutbacks will occur in a number of areas -- voluntary separation program, involuntary separations, elimination of unfilled headcount and the addition of approximately 150 new positions in areas of investment and growth.
Recently, Time Warner eluded a hostile takeover from 21st Century Fox. Turner entertainment networks have seen little ratings growth and/or declines recently. In the third quarter, CNN total day viewership averaged 449,000 total viewers and 135,000 25-54, second place to Fox News.
In a follow-up August memo to staffers, Martin said: “Resetting our business operations through the balance of 2014 will position us to move forward aggressively in the new year. We'll start 2015 a more streamlined, nimble and efficient company focused on driving programming, monetization and innovation, in a culture that emphasizes and rewards continuous improvement.”