CNN CEO Chris Licht needed to communicate to workers throughout a tense company city corridor on Tuesday as the network faces layoffs by early December after he was tasked with discovering methods to chop prices.
Licht, 51, addressed questions surrounding the cuts after he beforehand indicated throughout the summer season that CNN wouldn’t face any want to fireplace employees.
At the city corridor, Licht was unapologetic about his earlier indication that there would not be layoffs, however added that he felt he was being sincere at the time.
Licht has overseen the shutdown of CNN+ in 2022 and a purge of company veterans such as Brian Stelter, Jeffrey Toobin and John Harwood.
He reportedly didn’t get into specifics about the layoffs however mentioned groups that aren’t deemed important to the network’s ‘core mission’ have been on the chopping block.
CNN CEO Chris Licht mentioned there can be layoffs at the network as quickly as early December, as he has reportedly been tasked to save lots of CNN $100 million
Licht has overseen the shutdown of CNN+ in 2022 and a purge of company veterans such as Brian Stelter, Jeffrey Toobin and John Harwood
Licht mentioned throughout the meeting that there aren’t any plans for future layoffs past these in early December ‘right now’
‘As it pertains to CNN, there aren’t any layoffs per se. A layoff is a downsizing, the place you might be given a goal, and that’s not occurring at CNN,’ Licht mentioned at a staff-wide occasion in June.
Then, in October, he wrote a memo that acknowledged ‘modifications’ that have an effect on ‘individuals, budgets and tasks’ have been coming and mentioned there might be a ‘noticeable change to this group.’
‘There is widespread concern over the international financial outlook, and we should issue that threat into our long-term planning. All this collectively will imply noticeable change to this group. That, by definition, is unsettling. These modifications is not going to be simple as a result of they’ll have an effect on individuals, budgets, and tasks,’ he mentioned.
Licht mentioned throughout the meeting that there aren’t any plans for future layoffs past these in early December ‘right now.’
According to Puck, Licht has been tasked by his boss David Zaslav to trim $100 million from CNN’s funds to appease Warner Bros’ Discovery.
A CNN staffer throughout the meeting mentioned that they had been with the company for 20 years and had by no means seen morale decrease than it was proper now.
Warner Bros. Discovery can also be shedding 1,000 of its 40,000 staff earlier than the year ends.
CNN just isn’t the solely network struggling due to harsh financial circumstances which have seen inflation and rates of interest soar.
Shepard Smith, who hosted The News with Shepard Smith, noticed his present cancelled this week as new CNBC boss KC Sullivan turns the network in direction of extra business information
Tiffany Cross, who hosted Cross Connection on Saturdays, was terminated this week after repeatedly inflicting controversy, such as declaring the nation was in a ‘civil warfare’
While no formal announcement concerning layoffs has been made, NBCUniversal provided early retirement packages to workers with 10 years of service who’re age 57 or older.
Early retirement packages usually precede cuts relying on what number of workers take the company up on the provide.
The information comes after they minimize ties with controversial information present host Tiffany Cross, who repeatedly spouted anti-conservative rhetoric such as declaring the nation was in a ‘civil warfare.’
They additionally fired anchor Shep Smith, who departed Fox News in 2019 following a feud with one in all the network’s premiere anchors, Tucker Carlson.
‘We might want to shift a few of our priorities and resources and make some tough choices,’ CNBC boss KC Sullivan mentioned on November 3.
ABC News President Kim Godwin mentioned the network will even be affected by modifications instituted by dad or mum company Disney, who’ve indicated a discount in employees is coming
Disney, the dad or mum company of ABC News, not too long ago introduced a brand new ‘value structure job power’ that may pursue ‘organizational enhancement’
Another current network signaling a potential tumultuous future was ABC News. President Kim Godwin mentioned the network might be affected by modifications instituted by dad or mum company Disney, who’ve indicated a discount in employees is coming.
Disney CEO Bob Chapek despatched a memo on November 11 to company division leaders that outlined a hiring freeze, a cancellation of all journey not deemed ‘important’ and a brand new ‘value structure job power’ that may pursue ‘organizational enhancements.’
During an edit meeting on November 14, Godwin apparently advised employees they weren’t essentially secure from these modifications.
CBS News just isn’t free from the belt tightening affecting information and media firms, as layoffs are underway at dad or mum company Paramount Global.
While the reducing of 100 staff will primarily deal with the advert gross sales groups, CBS Studios and Paramount Television Studios workers will even reportedly be affected.
‘I do suppose that there’s a possible for a restructuring cost in This fall,’ Paramount CFO Naveen Chopra mentioned on the company’s Q3 earnings name November 2, including the value saving measures can be ‘significant and sizable.’