Media Mix: Turner Broadcasting Kindly Offers Voluntary Buyouts

In a memo today, Turner Broadcasting, which is trying to cut costs at channels like CNN and TBS, announced that it will offer a buyout program to staffers who are 55 or older and have been at the company for at least 10 years.

(Illustration by Lauren Payne)
(Illustration by Lauren Payne)

Offering voluntary buyouts as a way to reduce staff before layoffs always sounds a bit harsh, but at least it gives some people the opportunity/illusion (depending on how you look at it) of choosing their own adventure. In a memo today, Turner Broadcasting, which is trying to cut costs at channels like CNN and TBS, announced that it will offer a buyout program to staffers who are 55 or older and have been at the company for at least 10 years. The volunteers will get nine weeks of their salary plus four additional weeks for each year they spent at the company. Of course, if the target is not met, then there is no choice but to start laying people off. Well, actually, that may happen regardless. “Given the current focus on reducing costs and prioritizing investments to maximize company performance, Turner will also undertake additional reductions in staffing,” the memo said. (CNN.com)

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Media Mix: Turner Broadcasting Kindly Offers Voluntary Buyouts