CNN will cut hundreds of jobs on Thursday as part of a strategic shift toward digital operations, while NBC News plans smaller workforce reductions this week, according to sources familiar with the decisions.
The restructuring at CNN, which employs approximately 3,500 people globally, comes as parent company Warner Bros. Discovery (Nasdaq: WBD) has committed more than $70 million to strengthen the network’s digital presence. CEO Mark Thompson announced this investment during a recent town hall meeting.
The layoffs will primarily affect production staff, with some shows potentially relocating from New York and Washington to Atlanta for cost efficiency. The network’s top on-air talent, who are under contract, will largely be unaffected by the cuts.
Sponsored · Cambria Gold Mines
CNN launched a digital subscription service in October, charging frequent users $3.99 monthly to access content. The investment will support hiring in growth areas such as data science and product development.
Meanwhile, NBC News is expected to eliminate fewer than 50 positions later this week, sources said. Both networks delayed their restructuring until after the US presidential inauguration.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
