CNN chomps on Web staff
So the Internet was all hype after all
CNN is due to announce a huge number of redundancies while it "reorganises" its Internet and TV arms. This is good though because although up to 1,000 staff (out of 4,000) are due to be out on their ears, it's all because of "aggressive changes".
Unconfirmed reports are that the fired workers are thinking of their own aggressive changes to managers' faces. Anyway, it's all due to the link-up between Time Warner and AOL. AOL is Web-based and so Time Warner staff in the Internet area are but salaries to be saved.
And, of course, the market loves it - more profit growth. It is also a strong indication that the merger will finally get the green light. These redundancies are the first but certainly won't be the last due to this mega-merger. The FTC and FCC have been sticking the boot into the media giants but their link-up will undoubtedly crush many in the Internet market. ®