Time Warner TWX 0.01% will cut more than 500 senior employees from its Turner Broadcasting division, which includes CNN, Cartoon Network and TBS, on Tuesday in an effort to reduce costs.
After fighting off a $71 billion takeover offer from Rupert Murdoch, Time Warner is looking into ways to achieve growth and higher returns for shareholders as an independent company.
While Turner?s 4.6% revenue growth outpaced Time Warner?s 2.7% overall bump in the second quarter, ratings for its networks have faltered.?Turner?s ratings declined 10% in the second quarter, according to Trefis analysts.
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