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Monday, October 6, 2014

Turner Broadcasting to cut workforce by 10 pct, (NYSE: TWX)

Turner Broadcasting, which operates cable news network CNN, TNT and the Cartoon Network, said on Monday it will slash its workforce by 10 percent, or 1,475 positions. The reduction includes previously announced buyouts targeting 500 to 600 workers. Turner has about 14,000 full-time employees worldwide.The job cuts "will come at all levels from across the company's news, entertainment, kids, young adult and sports networks and businesses, as well as corporate functions in 18 Turner locations around the world," Turner said in a statement.The move is part of a larger restructuring under parent Time Warner Inc, known as Turner 2020, that will focus resources on growth areas.Turner and Walt Disney's ESPN also announced Monday that they will more than double their annual payments to the National Basketball Association under a nine-year deal for broadcasting rights.

Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX fell by 1.2% or $-0.9/share to $73.82. In the past year, the shares have traded as low as $58.22 and as high as $88.13. On average, 7764970 shares of TWX exchange hands on a given day and today's volume is recorded at 4175040.