According to a report from Wall Street Journal, the company is making deal with those employees that are over age 55 and have at least 10 years of service for the company accumulated. A memo was sent to those employees Wednesday. Employees will receive four weeks’ pay for each year of service they’ve had with the company, with payouts capped at two years.
The decision to restructure comes after AT&T acquired the company for over $80 billion last month. The acquisition was blocked by the Justice Department, but the company managed to get through the antitrust block to complete the deal. The purchase also contributed to AT&T’s $180 billion debt. The employee buyout is partially in an effort to downsize the company and reduce costs during the restructuring.
Along with reducing the number of employees, the restructuring has involved splitting up Turner, moving channels including TNT and TBS to a new entertainment division. Other channels including Cartoon Network and Adult Swim are moved to Warner Brothers. CNN was moved to a new news and sports division.
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