Turner Broadcasting Trims Staff By 10%
Turner Broadcasting is cutting 1,475 people or 10 percent of its workforce to eliminate redundancies, increase focus and free up money for programming, content monetization and technology.
The cuts will be at levels and achieved via a mix of layoffs and buyouts. The bulk of the job losses—975—will be in the broadcaster's home city of Atlanta.
Those affected by the cutbacks will be notified by the end of the month.
“It’s our responsibility as business leaders to focus Turner’s talent pool where individuals and groups will deliver the greatest return for the company, for Time Warner and for our shareholders,” said CEO John Martin, in a memo to employees.
Turner owns CNN, TNT, TBS, Cartoon Network, HLN and various online properties.
Its TV channels have been dealing with sliding ratings.
Postmedia Buys 175 Newspapers in Canada
Postmedia Network Canada is buying 175 English language newspapers from Quebecor Media's Sun Media affiliate for $285M.
The properties include The Toronto Sun, Ottawa Sun, Winnipeg Sun, Edmonton Sun, London (Ontario) Free Press, free newspapers in Toronto/Vancouver and specialty publications.
The properties have annual revenue in the $500M range.
"This investment by Postmedia is a strong endorsement of the future of the Canadian newspaper industry and made-in-Canada," said chairman Rod Phillps,
He added that Postmedia is "excited to be the custodians of many of Canada's best known and trusted media brands, now and in the future."
Postmedia publishes The National Post, The Gazette (Montreal), Vancouver Sun, Calgary Herald and other papers.
The company plans to publish Sun Media papers alongside Postmedia properties in shared markets.
It does see synergies of up to $10M.
NBCU Wants to Star on Broadway
NBCUniversal has expanded the duties to Universal Stage Productions president Jimmy Horowitz, who will now search for live stage business opportunities companywide.
The move follows success of its production, "Wicked," which has been seen by 42M people.
“Broadway and the touring business are very robust right now, and while a blockbuster like "Wicked: doesn’t come along every day, I’m eager to extend more of our filmed entertainment to the stage as well as branch out into original ideas,” said a statement from Robert Greenblatt, NBC Entertainment chairman.
Greenblatt's credentials include "9 to 5" and "A Gentlemen's Guide to Love and Murder."
He also had a hand in the upcoming "Peter Pan," featuring Christopher Walken as Captain Hook. It airs on NBC on Dec. 4.
Universal Stage Productions opened in 2003. It produced 10 shows such as "Billy Elliot," "Porgy & Bess" revival and "Bring It On: The Musical."
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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