CNN begins layoffs amid economic uncertainty, cost-cutting pressures from parent company

    WORLD  02 December 2022 - 04:37

    CNN on November 30 informed employees that layoffs had commenced, a move that is expected to impact hundreds of staffers at the global news network and mark the deepest cuts to the organization in years.

    Chris Licht, who took over as chief executive of the network in May, described the cuts in an all-staff memo as a “gut punch” to the organization and told employees that “it is incredibly hard to say goodbye to any one member of the CNN team, much less many.”

    Employees at the company had been anxiously bracing for the layoffs since Licht informed them last month that “unsettling” changes lie ahead.

    Licht said that on Wednesday the company would notify a “limited number of individuals,” largely paid contributors, that they have been let go. He said the company “will notify impacted employees” on Thursday. Licht said at the conclusion of the cuts he will “follow up with more details.”

    “It will be a difficult time for everyone,” Licht candidly said in his memo.

    CNN declined to say on Wednesday how many employees precisely would be impacted by the layoffs.

    The layoffs come as media companies are being battered by brutal economic headwinds that have taken a bat to the advertising sector. Licht noted in October, when he signaled large cuts were coming, that there is “widespread concern over the global economic outlook” and that CNN “must factor that risk into [its] long-term planning.”

    Other media organizations have also cut costs as they work to best position themselves for the stormy economic climate. Disney (DIS) said last week the company needed to restructure, and AMC Networks (AMCX)announced Tuesday that it would cut 20% of its staff. Social media companies such as Facebook (FB)-parent Meta, which also rely on advertising revenue, have also executed layoffs in recent months.

    CNN, which still posts profits in the hundreds of millions of dollars, was spared from the cuts that wreaked havoc on the industry during the pandemic. Prior to this year, the last major cuts to occur at the organization were in 2018 when less than 50 people lost their jobs as the company restructured its digital business.

    The cuts to the organization also come after CNN’s former parent company, WarnerMedia, merged earlier this year with Discovery, creating a media juggernaut laced with billions of dollars in debt and a need to slash costs across the board. The merger had just been completed in April when the company announced it was shuttering streaming service CNN+ a month after it was launched

    David Zaslav, chief executive of Warner Bros. Discovery, the company that was formed when WarnerMedia and Discovery became one, has promised investors that he will find more than $3 billion in savings in the combined organization.

    After Licht took over as head of CNN, he conducted a months-long review of the business. That review led to him identifying changes that should be made, Licht said in October. Some of those changes have already been implemented, as CNN has made smaller cuts to parts of its business in the last several months.

    Licht said in his all-staff memo on Wednesday that employees affected by this week’s cuts will be notified “through an in-person meeting or via Zoom, depending on your location.”

    “In those meetings, you will receive information specific to you about notice period or any severance that would apply, and your anticipated last day,” Licht said. “I want to be clear that everyone who is bonus eligible will still receive their 2022 bonuses, which are determined by company performance.”

    Licht acknowledged that the cuts will “affect both our departing colleagues and those who remain” and promised to provide employees “resources designed to support” them.

    “Let’s take care of each other this week,” Licht said.

    Caliber.Az

    Subscribe to our Telegram channel


Read also

American volunteer aid worker killed in Bakhmut while helping Ukrainian civilians

04 February 2023 - 14:33

Portugal refuses to send German-made Leopard 2 tanks to Ukraine

04 February 2023 - 14:43

Ukraine announces early arrival of Leopard, Challenger and Abrams tanks Defence minister's statement

04 February 2023 - 12:50

Reuters: Indian refiners pay traders in dirhams for Russian oil

04 February 2023 - 16:28

Suspected supporter of PKK terrorist group detained in Sweden

04 February 2023 - 12:38

Trafigura: ‘Shadow Fleet’ of tankers hauling Russian oil swells to 600 ships

04 February 2023 - 15:46
ADVERTS
Latest news

    Traveler from Wales presents gifts to children of families living in Shusha

    PHOTO

    04 February 2023 - 16:40

    Reuters: Indian refiners pay traders in dirhams for Russian oil

    04 February 2023 - 16:28

    “Israel supports Azerbaijan and has already taken Iran down the peg"

    Alexander Shapiro Suliman's standpoint

    04 February 2023 - 16:13

    Intergovernmental agreement between Azerbaijan, Türkiye and Turkmenistan approved

    04 February 2023 - 16:00

    Trafigura: ‘Shadow Fleet’ of tankers hauling Russian oil swells to 600 ships

    04 February 2023 - 15:46

    International travelers enjoy Jidir plain view in Shusha

    04 February 2023 - 15:32

    Cristiano Ronaldo scores his first goal for new club Al Nassr

    04 February 2023 - 15:20

    Minister: Azerbaijan exports 600 million cubic metres of gas to Bulgaria in 2022

    04 February 2023 - 15:07

    Turkish Airlines cancels 238 flights due to weather conditions

    04 February 2023 - 14:55

    Portugal refuses to send German-made Leopard 2 tanks to Ukraine

    04 February 2023 - 14:43

    American volunteer aid worker killed in Bakhmut while helping Ukrainian civilians

    04 February 2023 - 14:33

    Expert: Attack on Azerbaijan’s embassy in Iran should serve as wakeup call

    04 February 2023 - 14:23

    Ex-justice minister Zeynalyan may become Armenia's ombudsman

    04 February 2023 - 14:10

    Training course graduates get certificates in Azerbaijan

    PHOTO/VIDEO

    04 February 2023 - 13:57

    International travelers from 12 countries arrive at rally site on Khankandi-Lachin road

    04 February 2023 - 13:42

    Ukraine to extend martial law, mobilisation for 90 days

    04 February 2023 - 13:30

    Türkiye to launch GOKDOGAN, BOZDOGAN missiles from onshore, offshore platforms

    PHOTO

    04 February 2023 - 13:24

    Türkiye, Indonesia sign military cooperation agreement in Ankara

    04 February 2023 - 13:17

    Azerbaijan's ambassador to Mexico exposes Armenian lies

    04 February 2023 - 13:03

    Ukraine announces early arrival of Leopard, Challenger and Abrams tanks

    Defence minister's statement

    04 February 2023 - 12:50

    Suspected supporter of PKK terrorist group detained in Sweden

    04 February 2023 - 12:38

    Gibraltar accuses Spain of 'gross violation of sovereignty' over customs operation

    04 February 2023 - 12:26

    German traveler: Visit to liberated Azerbaijani lands - unique chance

    04 February 2023 - 12:16

    bp eyes to commission three more wells at Shah Deniz

    04 February 2023 - 12:02

    Ukraine claims Russian death toll rises to more than 130,000

    04 February 2023 - 11:51

    Azerbaijan performs practical exercises on fire training

    VIDEO

    04 February 2023 - 11:39

    Azerbaijani border guards thwart another drug smuggling from Iran

    PHOTO

    04 February 2023 - 11:29

    ISW: Russia perpetuates war in Ukraine as direct threat to its security

    04 February 2023 - 11:16

    US, EU, G7 and Australia announce new price cap on Russian petroleum products

    04 February 2023 - 11:02

    Organisation of Turkic States condemns burning of Quran in Sweden, Denmark

    04 February 2023 - 10:51

    Top US diplomat slams 'unacceptable' China balloon

    04 February 2023 - 10:42

    International travelers from UK arrive in Karabakh

    04 February 2023 - 10:32

    France, Italy ready to deliver SAMP/T anti-missile system to Ukraine

    04 February 2023 - 10:20

    Organisation of Turkic States, International Crisis Group discuss global crisis issues

    04 February 2023 - 10:11

    Eco-activists still active on 55th day of rally on Khankendi-Lachin road

    04 February 2023 - 09:54

    Moldova hopes to receive gas from Azerbaijan through Romania

    04 February 2023 - 09:42

    US imposes sanctions on board of directors of Iranian drone maker

    04 February 2023 - 09:31

    President Erdogan: Türkiye supports Kosovo’s vision to join NATO, Council of Europe, EU

    04 February 2023 - 09:19

    OPEC’s oil production drops in January as Saudi Arabia cuts output

    04 February 2023 - 09:00

    Eastern Europe wants NATO to beef up defence spending

    04 February 2023 - 08:35

    US kicks off 5G competition to upgrade base communications

    04 February 2023 - 08:05

    How Korean nuclear threat could gradually, then suddenly, lead to war

    04 February 2023 - 07:34

    UK faces bleakest outlook in generations as more Britons stop working

    04 February 2023 - 07:02

    US Army plant making artillery shells for Ukraine

    PHOTO

    04 February 2023 - 06:33

    China needs to junk its economic playbook

    Analysis by Foreign Policy

    04 February 2023 - 06:04

All news