Time Warner Inc's Warner Bros Entertainment will cut about 1,000 jobs from its global workforce as a part of a previously announced cost-cutting initiative, a company spokesman said. Warner Bros Chief Executive Officer Kevin Tsujihara wrote in a memo to staff dated Tuesday that the layoffs will affect some divisions including finance and information technology more than others.The job cuts come in the wake of Time Warner's rejection of an $85-a-share takeover offer by Twenty-First Century Fox Inc in July.Another Time Warner division, HBO, is also preparing to lay off about 7 percent of its 2,400 employees.According to Tuesday's memo, most business groups will be announcing job cuts this week.
Twenty-First Century Fox, Inc., formerly News Corporation, is a diversified global media and entertainment company with operations in cable network programming; television; filmed entertainment; direct broadcast satellite television, and other, corporate and eliminations. Shares of FOXA fell by 2.97% or $-1.02/share to $33.33. In the past year, the shares have traded as low as $30.67 and as high as $36.56. On average, 14319200 shares of FOXA exchange hands on a given day and today's volume is recorded at 26729986.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX fell by 4.81% or $-3.79/share to $74.97. In the past year, the shares have traded as low as $58.22 and as high as $88.13. On average, 6249510 shares of TWX exchange hands on a given day and today's volume is recorded at 10118980.
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