PREVIEWS: "Daredevil," "Uncanny X-Men," & More Marvel Comics On Sale August 3, 2016
Turner Broadcasting has announced it will eliminate 1,475 jobs, about 10 percent of its workforce, as part of streamlining measures by corporate parent Time Warner that will also affect Warner Bros. Entertainment.
The company, whose properties include CNN, Cartoon Network, Adult Swim and TNT, will make the cuts over the next two weeks through a combination of buyouts, layoffs and the elimination of unfilled positions. According to the Atlanta Journal-Constitution, 975 of the jobs will come from Turner’s metro-Atlanta operations; CNN Worldwide will lose about 300.
Warner Bros. Entertainment could eliminate as many as 1,000 jobs — more than 10 percent of its worldwide workforce — as part of studio-wide cutbacks confirmed earlier this month, Variety reports. However, the studio insists that although the cuts will be “substantial,” it hasn’t settled on the exact number of layoffs.
“The plans are still in process,” Dee Dee Myers, Warner Bros.’ new executive vice president of corporate communications, told TheWrap. “We’re reducing costs and it will result in reduced overhead, but the plans are not done.”
Warner Bros. Entertainment CEO Kevin Tsujihara confirmed impending layoffs across the studio in a memo sent Thursday afternoon to employees. Although no date or numbers were given, Deadline suggests the cuts will likely take place in the fourth quarter.
“We are doing our best to minimize staff reductions,” wrote Tsujihara, who was named CEO in January 2013. “However, and it pains me to say this, positions will be eliminated — at every level — across the Studio.”
Warner Bros.’ subsidiaries include DC Entertainment, Warner Bros. Pictures, Warner Bros. Interactive Entertainment, Warner Bros. Television, Warner Home Video and New Line Cinema. It also co-owns The CW with CBS Corporation.
Although reports earlier this week indicated the studio would offer buyouts before it resorted to layoffs, there’s no mention of that approach in the memo. In fact, it would seem buyouts are off the table, as Tsujihara’s introduction makes it clear he wanted”to set the record straight” following “misinformation in the press.”
Time Inc. confirmed this morning that long-expected layoffs, which widespread reports place at as high as 500 employees, will begin immediately as parent company Time Warner prepares to spin off its low-performing publishing division. Time Inc., which publishes more than 20 magazines, employees about 7,800 people worldwide.
DC Entertainment, a subsidiary of Warner Bros. Entertainment, won’t be affected by either the layoffs or the spinoff.
The New York Post contends the newly acquired American Express Publishing (Food & Wine, Travel & Leisure, Departures), with about 400 employees, is expected to be hit hard by the cuts; its Executive Travel magazine could be shuttered immediately.
Time Warner filed documents last week to spin off Time Inc. — the media giant’s worst-performing division — into what Bloomberg calls “the world’s largest publicly traded magazine company.” The move, as ICv2.com notes, would effectively rid Time Warner of all of its remaining print assets except for DC Comics, which remains part of the Warner Bros. Entertainment subsidiary.
Time Inc., whose sales have fallen in five of the past seven years, publishes more than 20 magazines, including its namesake Time, Entertainment Weekly, Fortune, Sports Illustrated and People. It added Food & Wine, Travel & Leisure and Departures in September when it acquired American Express Co.’s publishing unit.
Talk of the spinoff, planned for sometime in 2014, began in March after a failed attempt to forge a new venture with Ladies’ Home Journal publisher Meredith Corporation. “A complete spinoff of Time Inc. provides strategic clarity for Time Warner Inc.,” Time Warner CEO Jeff Bewkes said at the time, “enabling us to focus entirely on our television networks and film and TV production businesses, and improves our growth profile.”
Comic-Con International is spilling out of the San Diego Convention Center as Warner Bros. Entertainment takes over Bayfront Park for Lawn Con, a free pop-culture event for big and little kids alike.
Open to the public Thursday through Sunday, Lawn Con features lives DJs, a picnic area, and characters and replicas from Warner Bros. Animation, DC Entertainment, Warner Bros. Consumer Products and Warner Bros. Pictures: enormous blow-ups of the Teen Titans Go! crew, ranging in height from 17 to 30 feet; a life-size LEGO model of Bag End from The Hobbit: An Unexpected Journey, complete with Gandalf, Bilbo and others; life-size LEGO models of Batman, Robin and The Joker; and a replica of Scooby-Doo and the gang’s Mystery Machine.
Bayfront Park is located between the San Diego Convention Center and the Hilton San Diego Bayfront hotel.
Business | In a surprise announcement, Kevin Tsujihara was announced Monday to succeed Barry Meyer as CEO of Warner Bros. Entertainment, the parent company of DC Entertainment. The 48-year-old Tsujihara, who has been with Warner Bros. since 1994, was named in 2005 as president of the Home Entertainment Group, overseeing the company’s home video, digital distribution, video games, anti-piracy and emerging technology operations. He was chosen as CEO over Bruce Rosenbaum, president of Warner Bros. Television, and Jeff Robinov, president of Warner Bros. Pictures (under which DC Entertainment is placed in the corporate structure). [The Hollywood Reporter]