New CEO Christ Licht isn’t done yet.
According to a report from CNBC, Licht is in the process of “right-sizing” CNN, part of a broader effort to eliminate more than 1,000 jobs at parent company Warner Bros. Discovery before the end of the year, sources said.
CNN’s profits are set to drop below one billion dollars this year for the firs ttime since 2016.
Licht has been given a mandate from Warner Bros. Discovery CEO David Zaslav to transform CNN, which the network boss is internally referring to as a “right sizing” of the business. Many of Licht’s job cuts are still to come this year, according to people familiar with the matter, who asked not to be named because the decisions are private.
Licht’s review is part of a larger effort spearheaded by Zaslav, who has told division heads throughout the company to rethink their units and find ways to cut costs. More than 1,000 people will be laid off by Warner Bros. Discoverybefore the end of the year, said the people, who asked not to be named because the discussions are private and ongoing. Warner Bros. Discovery has about 40,000 employees.
“When [Zaslav] called and offered me the job, he told me what he was looking for out of CNN,” Licht said in a brief interview this month. “And I said, ‘That’s exactly the kind of network I would like to see.’ There’s no daylight between his vision for this network and my vision for this network. The only reason why I took this job is because it was him in charge. I thought, I can deliver this for him.”
More over at CNBC:
CNN chief Chris Licht has big ideas, but employees are nervous, and more job cuts are coming https://t.co/7zdAkh9TNn
— The News with Shepard Smith (@thenewsoncnbc) October 26, 2022