CNN boss Licht in process of 'right-sizing' network in upheaval
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It appears that more job cuts are coming to Warner Bros. Discovery (NASDAQ:WBD), with plans aimed at "right-sizing" CNN, according to its Chief Executive, Chris Licht.
Speaking with CNBC, Licht said one of his tasks at CNN is to restore the reputation of the cable news pioneer's brand after a slate of upheavals, including the shuttering of the CNN+ streaming news offering barely a month after it launched earlier this year. According to CNBC, CNN's in also on track for its earnings to drop below $1B this year, to a level not seen since 2016.
CNBC also cited unnamed sources as saying Licht's review of CNN will coincide with Warner Bros. Discovery (WBD) cutting more than 1,000 jobs by the end of the year. Licht has reported not been given any marching orders for how many of those cuts will come from CNN.
Licht was named CNN's CEO in February after the resignation of his predecessor, Jeff Zucker. In one of his first moves in his new job, Licht sent a letter to CNN employees saying that the network needed to take steps to regain the trust of its viewers.
Earlier this week, Warner Bros. Discovery (WBD) said it would take up to $4.3B in charges related to its restructuring efforts.