CNN prepares layoffs amid network's financial, ratings woes
The CEO has been tasked with cutting $100 million from the network's budget from the higher ups at Warner Bros. Discovery.
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.
While the CEO further asserted this week that there were no planned layoffs past December, he added the caveat "at the time."
The network has had a difficult year, with many longtime personalities departing, including Brian Stelter, Jeffrey Toobin and Chris Cuomo.
Moreover, the network's attempt at a streaming service, CNN+, debuted to extremely low ratings and was axed within a month.