Turner Broadcasting Cutting Payrolls

Hundreds of Turner employees could be without a job.

In a letter sent out to employees on Tuesday, the Atlanta-based broadcaster said it was “shifting capital allocations to high-growth areas where investment will drive growth and profitability.” In other words: job cuts.

First off will be voluntary buyouts for U.S.-based employees 55 and older who have 10 years of service and are not on-air talent. After that “Turner will also undertake additional reductions in staffing.”

A source no less reputable than CNN says about 600 employees are eligible for the buyout. Employees who accept the buyout will receive nine weeks of salary plus an additional four weeks per year of employment.

The CNN report says the company has never had large-scale buyouts before but I seem to recall there were some after the merger in the 90s but maybe my memory is hazy.