Atlanta-based Turner Broadcasting announced it will be reducing just over 10 percent of its workforce, its largest cutback in its long history.
In a press release, the company said it will trim 1,475 positions out of 14,000 worldwide jobs. Management had warned these cuts were coming several weeks ago.
That was on the lower end of what some insiders were anticipating but still substantial.
Atlanta is going to take a heavy hit, with 975 of those 1,475 jobs coming from here - or two thirds of the job cuts. About half of Turner's employees are currently based in Atlanta. The press release said about 5,500 will remain after this move.
About one-fifth of the jobs are coming from CNN and HLN. The rest will come from Turner Entertainment, including TNT, TBS, Adult Swim, Cartoon Network, TruTV and TCM.
Employees will be informed over the next two weeks whether they will be laid off. About 600 people 55 and older were offered generous voluntary severance packages last month. It's unknown how many have actually taken the buyout.
About 150 new jobs will be created in areas where Turner sees growth potential.
The Hollywood Reporter ponders how difficult it will be to find the right creative programming executive to oversee the entertainment networks after Steve Koonin's departure earlier this year.
But to top TV executives, Levy is a sales guy — and sources say the strongest candidates with creative experience don't want to report to sales guys. Given that, says one executive with knowledge of the situation, "Can you get the person you need to turn two networks, possibly three networks, around?"
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