CNN informs employees of imminent layoffs

CNN has reportedly informed employees on November 30, 2022, that layoffs have started and may impact hundreds of staffers.

According to a CNN report, the layoffs at the global news network are expected to mark the deepest cut to the organisation in many years. The information about these layoffs has reportedly been given by Chris Licht via an all-staff memo. Licht took over as the chief executive of the company in May.

The report adds that Licht described the move as a “gut punch” to the network. Licht had informed the employees last month that some unsettling changes were coming.

“It is incredibly hard to say goodbye to any one member of the CNN team, much less many.”

The economic headwinds have hit the advertising sector, affecting media companies. Licht noted in October that there is “widespread concern over the global economic outlook” and that CNN “must factor that risk into [its] long-term planning.”

In the face of upcoming recession in America, many media and tech companies have started downsising globally.

Earlier this year, CNN’s former parent company, WarnerMedia merged with Discovery, creating a huge debt and a need to slash costs across the board. Soon after the merger the company announced it was shutting streaming service CNN+.

Other media companies like Paramount Global and The Walt Disney Company have announced layoffs, a freeze in hiring and cost-cutting measures in the face of an upcoming recession.

In the recent weeks, tech companies like Amazon, Meta, Twitter, and many others have also announced layoffs.