According to a report in The Wrap, CNN and sister network Headline News are planning to lay off 550 staffers, a huge and very painful cutback. Some 550 buyouts are to be offered at Time Warner's Turner network this week, including a large number of those at CNN and HLN, which will lead to layoffs if they are not taken voluntarily, according to an individual with knowledge of the network's plans. The buyouts will come across the Turner division, with a couple of hundred expected at CNN and HLN, the individual said. A CNN spokeswoman had no immediate comment. News of the buyouts comes shortly after Turner Broadcasting System CEO John Martin revealed in an internal memo Tuesday that corporate restructuring was coming in the next two months. The fundamental problem is that viewers are staying away from both news outlets: HLN has been struggling in the ratings, regularly finishing fourth in total viewers and in primetime across the key cable...(Read Full Post)