Turner media lays off or buys out nearly 1,500 employees, cutting workforce by 10 percent

ATLANTA, Oct. 7 (UPI) -- Turner Broadcasting, the parent company of CNN, TNT, TBS and Cartoon Network, announced Monday it will layoff 1,475 employees, cutting 10 percent of the media conglomerate's total workforce.

The eliminated positions "are at all levels of 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," according to a statement released by Turner CEO John Martin.

Roughly two-thirds of the employees bought out or laid off worked in Turner's Atlanta headquarters, which Martin assured "remains [Turner's] largest employee base."

"Beyond people and infrastructure, our history and heritage are there [in Atlanta]. So is a big part of our future."

Martin also said that Turner took steps to ensure every affected former employee is taken care of in the face of Turner's restructuring.

"Those whose jobs are impacted will receive every consideration and the respect they are due, starting with severance pay for transition. Whatever their job title, business unit or location, they have contributed to the success story that is Turner Broadcasting, and they leave with our thanks and sincere best wishes."

The announcement comes hours after Turner and the NBA, in conjunction with ESPN, renewed their multi-billion-dollar broadcast deal through 2025.