CNN Expected To Lower The Boom

John Martin

John Martin, the CEO of Time Warner’s cable-network division, which includes TNT, TBS and CNN, plans to shed 550 staffers as part of a drive to free up cash for rising sports rights and more original programming, according to The NY Post.

The cuts represent nearly 7 percent of the division’s domestic workers. Turner has nearly 16,000 employees worldwide, about half of them in the US. Workers will be offered buyout packages first. If there aren’t enough volunteers, there will be pink slips.

“The pain will be spread across the board,” said one source familiar with the plans. Although, the new division is expected to be hit hard.

Turner has been bracing for cuts since June, when relatively new CEO Martin unveiled his Turner 2020 mission for “future-proofing” the company. Last week, he fired another warning shot.

“Division leaders now are reviewing the working groups’ reports on their respective areas of oversight,” he wrote in an internal memo dated Aug. 19.

“Our plan is to begin communicating in the next two months both general and specific changes we will make to structures, models and roles.”