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Time Warner’s new CEO, Jeffrey L. Bewkes, told analysts on a conference call this morning (Wednesday) that he plans to cut over 15 percent of corporate costs across the board.
The move will reduce the company’s run rate by $50 million a year, according to Reuters.
Bewkes confirmed that the media company may separate part of its struggling AOL internet access business from the division’s online advertising business. Such a restructuring could lead to an eventual sale of one of those units, he said (via CNNMoney.com). Time Warner is also looking at making changes in ownership level of Time Warner Cable. Time Warner currently owns an 84 percent stock in the cable business.
Time Warner revenue rose 2 percent to $12.6 billion, which met forecasts.
Bewkes reportedly has plans to lay off 75 people or more today, in a move that should signal to employees and Wall Street that he is serious about cutting costs, writes AdAge. However, he did not mention the layoffs during the conference call.
The Spanish Radio Association says Arbitron still has not addressed its concerns and research questions regarding the PPM and how “Hispanics are recruited and represented, and how the PPM panel is maintained.”
The SRA has been working with Arbitron in…
The Chicago Tribune’s new design will launch on Sept. 29, Tribune Co. chief operating officer Randy Michaels says. No details on the redesign have been released; the paper has already been decreasing its editorial pages to create a more even split…
Teens are not the best demo to target with cell phone advertising, according to a new study from comScore. Though they are cell phone-savvy, most of them - 70 percent - have their phones paid for by parents, which means…
CNN won its second night of coverage of the Democratic National Convention Tuesday. The network averaged 3.41 million viewers in the 8 p.m. to 11 p.m. time slot, despite the fact that Fox drew nearly even for the night.
Fox…
Generation Y is the most self-indulgent, Generation X is the most innovative, and Boomers are the most productive, while the “Silent Generation” and the “Greatest Generation” are the most admired, according to a recent survey by Harris Interactive, writes MarketingCharts.
Conducted for…
To encourage shoppers to buy more back-to-school items, retailers often implement “loss leader” strategies: that is, selling items at a loss or even giving them away in hopes that the reductions will attract shoppers who will then buy other, more…
