Turner to shed 30% of workforce

Turner International has announced a round of redundancies in Hong Kong, with 30% of its workforce said to be affected.

In a statement, the owner of CNN, Time and Cartoon Network said after a two month review of its business it will decentralise of a number of functions from its Hong Kong headquarters.

"This restructure is a tough but absolutely necessary," Steve Marcopoto (pictured), president and MD of Turner International Asia Pacific, said.

Marcopoto said the leaner central structure means more efficiency, less bureaucracy and greater empowerment for local management in the company's three regions of South Asia, South East Asia Pacific and North Asia.

He said the group was looking at "ambitious long term goals to double annual revenues by 2020".

"We are most grateful for the service and commitment of those employees directly affected and will work to ensure that they are offered appropriate support through the transition and to find new opportunities".