A Turner Broadcasting executive sent out a memo to employees this morning offering the employee buyouts that The Atlanta Journal Constitution reported earlier this week. The buyouts apply to older workers at CNN and other Turner properties in Atlanta and around the United States. More layoffs also are expected later this year as the company streamlines operations and seeks to cut costs.
Those who accept the voluntary buyout will receive a base of nine weeks pay as well as four weeks for every year of full-time Turner employment. There is a cap of 104 weeks of pay.
Here is the memo employees received today:
To support the company’s stated focus on programming, monetization and innovation, we are identifying cost savings and shifting capital allocations to high-growth areas where investment will drive growth and profitability. As part of these efforts, we are offering a Voluntary Separation Program to regular status Turner Broadcasting employees on Turner’s U.S. payroll working in the U.S. and who are at least age 55 and have 10 or more years of service as of December 31, 2014, excluding on-air talent and employees covered by a written employment agreement.
Today, employees meeting these eligibility requirements will receive a confidential, personalized email detailing the program, its benefits and deadlines for acceptance, which is strictly voluntary. This enhanced benefit offering is just one vehicle the company is implementing as part of a comprehensive plan. Given the current focus on reducing costs and prioritizing investments to maximize company performance, Turner will also undertake additional reductions in staffing.
We are grateful to the tenured employees whose service and dedication to Turner Broadcasting have made an indelible mark on our business success.
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