New CEO Christ Licht isn’t done yet.
CNBC reports that Licht is “right-sizing CNN” as part of a larger effort to eliminate over 1,000 jobs at Warner Bros. Sources said Discovery will be available before the end the year.
CNN’s profits will fall below 1 billion dollars for the first time since 2016.
From CNBC:
Warner Bros. has given Licht a mandate. David Zaslav, Discovery CEO, has been given a mandate by Warner Bros. to transform CNN. The network boss refers to this as a “right-sizing” of their business. According to sources familiar with the matter, Licht’s job cuts will continue this year.
Zaslav has instructed division heads across the company to review their units and cut costs as part of a larger effort. Warner Bros. Discoverywill lay off more than 1,000 employees before the end of this year, according to people who requested anonymity because it is private. Warner Bros. Discovery employs approximately 40,000 people.
Licht stated in a short interview this month that “When Zaslav called me and offered me the job,” “And I said, “That’s exactly what I would like to see.” There is no difference between my vision and his vision for the network. He was the only reason I accepted this job. “I thought I could deliver this for him.”
Read more at CNBC:
CNN chief Chris Licht has big ideas, but employees are nervous, and more job cuts are coming https://t.co/7zdAkh9TNn
— The News with Shepard Smith (@thenewsoncnbc October 26, 2022
