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AT&T Inc. is selling the CNN Center in Atlanta, part of an effort to centralize employees after taking over Time Warner Inc.
WarnerMedia, the entertainment unit of AT&T, said it will move most of the 1,200 employees who work at the center to its Techwood campus in Atlanta over the next several years. The company will lease back the CNN Center for at least five years and said there would be no immediate impact on the staffers working there.
“Downtown Atlanta has seen great investment and is quickly becoming an entertainment destination,” WarnerMedia Chief Financial Officer Pascal Desroches said in a note to CNN employees. “The CNN Center is of great value to a third party that specializes in such developments.”
The CNN Center is a landmark in Atlanta. The building was also in the national spotlight in May, when demonstrators smashed its windows and sprayed graffiti on the news network’s red and white logo during nationwide protests that followed the killing of George Floyd.
But the planned transaction is a symbolic changing of the guard as the building is where the 24-hour news service has housed operations since 1987.
Over the last decade, CNN has gradually moved many of its production facilities and on-air talent to New York so that it could have more live in-studio guests instead of having anchors interact with people in remote studios.
About 900 of CNN’s 3,500 employees work in New York at the Hudson Yards development on the west side of Manhattan. WarnerMedia parent AT&T closed the sale of that property last year but remains an occupant with a lease that runs through 2034.
Still, a significant part of the operation has remained in Atlanta, including many of its digital unit employees, CNN International and HLN, the former CNN Headline News, which is now dedicated mostly to unscripted programming and true crime series.
Bloomberg and the Los Angeles Times contributed to this story.
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July 01, 2020 at 06:04AM
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