In response to a new report, it is almost guaranteed that CNN employees are “frantically” looking for new jobs. CNN has been facing tough times lately, and now the cable news giant is bracing for the worst as the company looks to cut costs. Those tough times are about to get even worse for many employees, as the network is reportedly preparing for mass layoffs.
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By the end of Chris Licht’s first year as CEO, CNN is expected to face massive layoffs and historically low ratings.
The Daily Caller reports, as part of CNN’s merger with Warner Bros. Discovery, Licht replaced former CEO Jeff Zucker in April. Licht has experienced major financial struggles and staffing issues during his first year in the position.
As digital subscriptions rise, the network’s profit is expected to drop below $1 billion for the first time since 2016, CNBC reported in October. In October, Licht released a memo announcing upcoming layoffs that would “affect people, budgets, and projects.”
“There is widespread concern over the global economic outlook, and we must factor that risk into our long-term planning,” Licht reportedly wrote. “All this together will mean noticeable change to this organization. That, by definition, is unsettling. These changes will not be easy because they will affect people, budgets, and projects.”
Licht said he would not cut current job numbers, Fox News reported. Fox News reported that Warner Bros Discovery CEO David Zaslav asked for $100 million in job cuts to balance the budget in early December. It is rumored that Licht has a list of staff members who will be let go.
FOX reported in June that a CNN spokesperson said Licht would reassess resources, but that layoffs weren’t imminent.
As of 2022, the network has been trailing both its major competitors, Fox News and MSNBC. It is on its way to its lowest-rated year among the 25-54 demographic since 1992.
In light of Licht’s efforts to adopt a more bipartisan tone, some of the network’s anchors, including Brian Stelter and John Harwood, have left the network. In addition, he has eliminated the programs “New Day” and “Don Lemon Tonight” and assigned Don Lemon to “CNN This Morning.”
It’s no secret that CNN has been facing some tough times lately. The network has been trailing its major competitors, Fox News and MSNBC, in the ratings department for years and now, it looks like things are about to get even worse for many employees of the cable news giant as the company is reportedly preparing for mass layoffs. These tough times can be traced back to CNN’s biased reporting. The network has a history of partisan reporting and has been embroiled in multiple controversies surrounding its coverage of President Donald Trump and Republicans in general. It seems unlikely that anything can be done to save CNN at this point. The network has lost the trust of its viewers and continues to produce subpar content. It’s only a matter of time until CNN goes under.
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