US President Biden and former US President Trump will hold the first presidential debate of 2024 in Atlanta on June 26, 2024.
John Novak | CNN | via Reuters
Warner Bros. Discovery CNN plans to lay off hundreds of employees on Thursday as it refocuses its business on a global digital audience, according to people familiar with the matter.
The layoffs come as CNN realigns its linear television lineup and develops digital subscription products. The cuts will help CNN reduce production costs and consolidate its teams, said the people, who spoke on condition of anonymity.
Some shows produced in New York or Washington may be moved to Atlanta because production costs there will be lower, people familiar with the matter said.
For the most part, the layoffs will not affect CNN’s biggest names because they are already signed on, people familiar with the matter said. CNN has approximately 3,500 employees worldwide.
At a town hall meeting earlier this month, CNN Chief Executive Mark Thompson said the media company had received “more than $70 million” in investment from Warner Bros. Discovery Channel to help fund the company’s digital operations. Part of the investment will be used to hire employees in areas where CNN sees potential avenues for growth, such as data scientists and product development.
In October, CNN Launched a digital paywall, Heavy users of the site are charged $3.99 per month.
NBC News also plans to make cuts later this week, people familiar with the matter said. Two people familiar with the matter said that although the exact number could not be determined, the number of unemployed people would be well below 50.
Spokespeople for NBC News and CNN declined to comment.
Both news agencies waited until the U.S. presidential inauguration to make cuts. The news media landscape is changing as fewer people watch linear television and more people consume news through streaming services and social media.
Revealed: NBCUniversal is the parent company of CNBC and NBC News.
