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Layoffs continue to hit the media and entertainment industry, with Warner Bros. Discovery now making more cuts.
Top line
This week, Warner Bros. Discovery is enacting layoffs across the company, with under 1000 employees being affected.
Between the lines
According to a source familiar with the matter, the cuts are in the U.S. only, impacting positions across the company such as business affairs and finance, with a limited number in production.
The impacts on Max are in the single digits.
According to Deadline, employees will be informed throughout the week.
In addition to this week’s cuts, WBD’s CNN also recently cut 100 jobs as part of CNN head Mark Thompson’s new vision for the network. The layoffs account for around 3% of CNN’s 3,500 workforce.
The cuts come while WBD and other media conglomerates are amid upfront negotiations with a market that’s softer than expected, according to buyers speaking on the condition of anonymity with ADWEEK.
In addition, the company is in the news for missing out on part of the reported $76 billion NBA rights deal; however, David Zaslav, the company’s CEO, has noted that WBD has an opportunity to match rival packages.
Bottom line
Coming out of peak TV and with the industry reconciling with the exorbitant cost of the streaming wars, layoffs and consolidation have been ongoing themes for the TV industry this year.
In addition to WBD’s recent cuts, Amazon had hundreds of layoffs earlier this year, impacting employees across Prime Video and Amazon MGM Studios.
Plus, besides its high executive turnover amid an M&A deal with Skydance Media, Paramount cut hundreds of jobs in February immediately following its production of Super Bowl 58, which was the most-viewed Super Bowl ever.
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