Posts tagged with "Variety reported"

More than 100 CNN staffers accept buyouts as AT&T pares down debt

April 8, 2019

More than 100 employees of CNN have opted for buyouts, a spokesperson for the network confirmed to Variety; as its parent company, AT&T,  works to shed approximately $170 million in debt following its purchase of the former Time Warner.

AT&T completed its acquisition of Time Warner last June–bringing together global media and entertainment leaders Warner Bros., HBO, and Turner with AT&T’s leadership in technology; and its video, mobile, and broadband customer relationships.

The new company, called WarnerMedia, consolidates the three media businesses. AT&T’s other divisions include AT&T Communications, AT&T International, and AT&T’s advertising and analytics platforms.

CNN Worldwide recently offered a voluntary buyout option to staff, the spokesperson told Variety, and “just over 100” chose to exercise an option to use it. No staffers were laid off, this person said. Buyouts also have been offered within other divisions of WarnerMedia.

Major personalities, including Anderson Cooper, will stay on.

CNN is in the midst  of other transitions. The news network this week began broadcasting some of its program from new WarnerMedia headquarters at the Hudson Yards complex, which is located in Manhattan’s West Side. The company had previously been housed at Time Warner Center in midtown.

Research contact: @WarnerMediaGrp