On Wednesday and Thursday, CNN will begin layoffs as part of its parent company Warner Bros. Discovery is continuing to reduce costs.
Chris Licht, CEO of CNN, stated Wednesday morning in an email to employees that all paid contributors will be notified later that day about their status. However, full-time employees and employees will be updated on their status Thursday.
“Our people are the heart and soul of this organization. It is incredibly hard to say goodbye to any one member of the CNN team, much less many,” Licht wrote. “I recently described this process as a gut punch, because I know that is how it feels for all of us.”
“It will be a difficult time for everyone,” He added.
Based on the location, impactful employees can learn more by either an in-person meeting or a Zoom meeting. The meeting will go over information including any severance that would apply and each employee’s anticipated last day.
Licht stressed the fact that every employee who is eligible for a bonus will receive 2022 performance-based bonuses. On Thursday, Licht shared a link with employees that would provide resources to both existing and departing employees.
Licht first warned CNN employees about the cuts in October, noting that the network would be looking to cut costs by year’s end.
“There is widespread concern over the global economic outlook, and we must factor that risk into our long-term planning,” Licht sent a memo to the editor at that time. “All this together will mean noticeable changes to this organization.”
In addition to the latest cuts, the network’s streaming service CNN+ has been shuttered and high profile talent including Brian Stelter and John Harwood have exited. Licht made major programming changes including the addition of Kaitlan Collins, Poppy Harlow, and Don Lemon to their morning show.
Warner Brothers Discovery disclosed in October that it anticipates $4.3 billion to $1.1 trillion in pretax restructuring fees, with $800 million to $1 billion for severance and retention and relocation costs.
Warner Brothers Discovery CEO David Zaslav stated that the company is increasing its target for cost reduction from $3 billion down to $3.5 billion during its Nov. 3 earnings call.
Warner Brothers Discovery shares are down about 56% over the past year.