New Delhi: The mass layoff season has also begun to impact the media business globally, with job losses at major Internet companies continuing to be a significant source of stress for employees. The Warner Bros. Discovery-owned network senior executive Chris Licht warned of layoffs in an internal message to the entire team on Wednesday, according to a tweet from a CNN reporter.
The tweet said CNN would only be contacting a small group of people—mainly some of its paid contributors and employees affected yesterday. The change, Licht acknowledged, “affects both our outgoing employees and those who remain.” And we can help you, thanks to our resources.
CNN boss Chris Licht informed employees in an all-staff note that layoffs are underway.
Licht says the people being notified today are largely contributors and then tomorrow CNN will “notify affected employees.”
Licht will provide an update to employees later. pic.twitter.com/nD0pt9RuwjOliver Darcy (Oliver Darcy) November 30, 2022
The layoffs were expected and come at a time when businesses are trying to cut costs and reduce their workforce to prepare for a downturn in the economy.
Axios reports that as the advertising market continues to slow, the media business is being hit by cost-cutting measures that will include layoffs. The media has reported work freezes, layoffs and other cost-cutting initiatives.
Recently, Paramount Global, another major player in the media industry and parent company of CBS, MTV, VH1, and several other networks, began cutting jobs, particularly in the advertising sales division.