Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, October 28, 2014

Time Warner's HBO to cut 7 percent of staff, (NYSE: TWX)

Time Warner Inc's pay TV network HBO is preparing to cut 7 percent of its staff in the United States or about 150 jobs. HBO employs 2,400 people domestically. Time Warner, under pressure to boost profits after rejecting a takeover bid, has also announced cuts at its other units: cable networks Turner Broadcasting and movie studio Warner Bros.Richard Plepler, the chief executive of HBO, wrote in memo to staff on Oct. 15 obtained by Reuters, "We have a long history of tightly managing our overhead so that we're able to maximize investment in the creation, distribution and marketing of content."We also shift resources when necessary toward areas with the greatest potential to drive revenue growth and to enhance our brand."Variety first reported the news of job reductions at HBO.

Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX traded higher by 0.26% or $0.21/share to $79.48. In the past year, the shares have traded as low as $58.22 and as high as $88.13. On average, 6304120 shares of TWX exchange hands on a given day and today's volume is recorded at 1232413.