Warner Bros Discovery's CNN Axes Several Hundred Jobs

Warner Bros. Discovery, Inc WBD owned CNN informed hundreds of employees about layoffs as part of CEO Chris Licht's efforts to transform the cable news network.
The layoffs affected hundreds of staffers but amounted to a "single-digit percentage" of staff, CNBC reports.
CNN had about 4,400 employees. That would mean it downsized no more than about 400 staffers.
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Licht sent a memo to all staffers after delivering the news to employees, which included long-time HLN anchor Robin Meade and reporter Chris Cillizza.
Licht wrote he would hold a town hall next week to answer any questions.
Licht's cuts are part of a broader effort at Warner Bros. Discovery to cut costs heading into 2023.
In April, Warner Bros. Discovery suspended every external marketing spending for its recently launched streaming service CNN+ and laid off CNN's CFO Brad Ferrer.
Discovery's current CFO for streaming and international, Neil Chugani, succeeded Ferrer.
Warner Bros. Discovery looked to eliminate other high-level positions at WarnerMedia across different business functions to cut costs and streamline leadership.
CNN's news streaming service failed to attract viewers questioning the future of alone news streaming services when entertainment-first options dominated the landscape.
Price Action: WBD shares traded lower by 0.09% at $11.62 in the premarket on the last check Friday.