Time Warner Cable to lay off 1,250
Posted February 4, 2009 10:21 a.m. EST
Updated February 4, 2009 1:43 p.m. EST
PHILADELPHIA — Time Warner Cable Inc. says it is laying off 1,250 people over the next few weeks in the face of slowing growth at the nation's second-largest cable operator.
The New York-based company expects to save $90 million a year from the job cuts.
Fewer than 150 employees are affected in North and South Carolina, spokeswoman Melissa Buscher said.
The layoffs are in addition to the 500 jobs lost last year as the company restructured into six regions from about 24.
Earlier Wednesday, Time Warner Cable reported a net loss of $8.16 billion, or $8.36 cents per share, in the fourth quarter, including a $14.82 billion charge to write down the value of cable franchise rights and a loss of $13 million on the sale of cable systems.
It had earned $327 million, or 33 cents per share, a year earlier.
Revenue rose 8 percent to $4.4 billion.