Time Warner Cable Announces Hiring Freeze: The company said it also plans to reduce capital expenses by $100 million this year because of rate cuts imposed by federal regulators. The Federal Communications Commission has ordered cable companies to reduce their rates twice in less than a year. The two rounds of cuts--imposed under a 1992 law regulating the industry--are expected to reduce rates 17%. Time Warner, the nation's second-largest cable company, said the hiring freeze is effective immediately. It is intended to reduce the company's 15,000-member work force by an unspecified number, through attrition.
From Times Staff and Wire Reports
Copyright © 2019, Los Angeles Times