Photograph: Ronen Tivony/SOPA Pictures/LightRocket by way of Getty Pictures
CNN boss Chris Licht on Wednesday knowledgeable staff that layoffs on the community are underway, in line with an inside memo despatched to employees.
Why it issues: The layoffs cap off what has been a very difficult 12 months for the community and the media trade writ massive.
Particulars: A supply conversant in the cuts advised Axios that “a pair hundred” individuals in whole shall be impacted.
- In a word to employees, Licht mentioned the community started notifying “a restricted variety of people, largely a few of our paid contributors,” concerning the layoffs.
- Impacted staff, Licht mentioned, could be notified tomorrow.
- Licht mentioned he deliberate to tell the employees about extra particulars relating to employees modifications tomorrow.
- These whose jobs are being impacted shall be notified concerning the modifications and severance packages by way of an in-person assembly or by way of Zoom. Workers eligible for 2022 bonuses will nonetheless obtain them, Licht mentioned.
Catch up fast: Licht took over as CEO in Might following the sudden and dramatic resignation of CNN’s former head Jeff Zucker in February.
- The community confronted a messy authorized battle following Zucker’s departure across the dealing with of its firing of Chris Cuomo.
- Shortly after Licht introduced he would take over, CNN’s guardian firm Warner Bros. Discovery killed CNN’s costly streaming service, CNN+, which triggered tons of of layoffs.
Warner Bros. Discovery seeks to proceed chopping prices at CNN to repay among the debt from its merger earlier this 12 months.
- Warner Bros. Discovery CEO David Zaslav mentioned earlier this month that the advert market is “weaker” now than at any level throughout the pandemic.
The large image: The media trade is getting hit by sizable rounds of layoffs and cost-cutting measures because the advert market continues to point out indicators of a critical slowdown.
- TV firms are significantly susceptible, given the rise of cord-cutting, which has been accelerated by the pandemic.
Disclosure: The creator of this story is a paid contributor to CNN.
Editor’s word: This story has been up to date with further particulars and to incorporate the disclosure above.
