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Warner Bros to cut about 1,000 jobs
[BANGALORE] 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 US$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 per cent of its 2,400 employees.
According to Tuesday's memo, most business groups will be announcing job cuts this week.
However, some groups including finance and technical operations will make some staff cuts immediately, with most coming in the first quarter of next year, according to the memo. "International territories will proceed according to local policies and protocol, and most of their changes will be announced in the early part of next year," Tsujihara wrote in the memo.
The news was earlier reported by the Wall Street Journal.