Turner Broadcasting, parent of CNN, TBS, TNT, to cut about 1,475 jobs, or 10 percent of staff

Associated Press

Turner Broadcasting, the parent of the CNN, TBS and TNT networks, is eliminating about 1,475 jobs, or about 10 percent of its total employees.

Turner says moves will include voluntary separations and the elimination of unfilled positions as well as job cuts. The eliminations will affect 18 different locations and will come from various levels in its news, entertainment, sports, and business units as well as corporate positions.

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The Atlanta company also plans to add about 150 new positions in areas of investment and growth

Turner Broadcasting System is a unit of Time Warner Inc. Shares of Time Warner fell 90 cents to close at $73.82 Monday, and were unchanged in after-hours trading.