CNN prepares layoffs amid network’s financial, ratings woes
November 18, 2022
CNN chief executive Chris Licht this week announced layoffs at the news company as a cost-cutting measure amid the network’s financial woes and its unsuccessful foray into streaming.
Teams not essential to the network’s “core mission” are likely to see their positions disappear, Licht said in a town hall with employees, according to the Daily Mail. Licht did not detail which teams or how many jobs were on the chopping block.
The network CEO has been tasked with cutting $100 million from the network’s budget from superiors at Warner Bros. Discovery, the outlet noted. He previously claimed in June that layoffs were not on the table.
“As it relates to CNN, there are no layoffs per se. A layoff is a downsizing, where you are given a target, and that is not happening at CNN,” Licht said at the time.