CNN’s new boss Chris Licht warned staffers about the “unsettling” changes to come in a new letter to employees, as he continues his network shakeup in hopes of boosting ratings, putting their journalism first, and growing their “digital stronghold.”
Rumors have been swirling that Licht is planning massive job cuts after altering CNN’s lineup.
Turner — which is the parent company of CNN and HLN — will lay off 1,475 employees over the next two weeks, a 10 percent reduction in staff. Approximately 900 employees from all of Turner in Atlanta will be let go, while CNN Worldwide will lose a total of 170.
Severance pay will be offered to the employees, who will come from 18 global locations. The job cuts will come from all levels across the company’s news, entertainment, kids, young adult, and sports networks and business, as well as corporate functions, the company said in a Monday press release.
More details of this report from CNBC:
CNN chief Chris Licht has big ideas, but employees are nervous, and more job cuts are coming
CNN CEO Chris Licht started conducting a business review of the news network when he agreed to take the job in April.
That evaluation wrapped up last week, according to people familiar with the matter, and CNN employees are about to find out Licht’s conclusions.
Licht faces many challenges at CNN. Like all cable news networks, the business is shrinking. CNN makes money off advertising and pay-TV subscriber fees. But as millions of Americans cancel traditional pay TV each year in favor of streaming services, CNN almost certainly can’t raise subscription rates at a fast enough clip to make up for declining viewer numbers…
Licht’s review is part of a larger effort spearheaded by Zaslav, who has told division heads throughout the company to rethink their units and find ways to cut costs. More than 1,000 people will be laid off by Warner Bros. Discovery
before the end of the year, said the people, who asked not to be named because the discussions are private and ongoing. Warner Bros. Discovery has about 40,000 employees.Licht doesn’t have a specific order to cut a certain amount of jobs or save a specific percentage of spending. But he’s planning to cut parts of CNN that he have become bloated over time, said the people. A CNN spokesperson declined to comment.
Who will be the next to go? Jim Acosta is probably working on his resume right now.
A recent business review of CNN has employees worried that widespread job cuts are coming following the formation of parent company Warner Bros. https://t.co/W9AL0fwOWy
— Newsmax (@newsmax) October 27, 2022
Sources: TheGatewayPundit, CNBC