The stage is set for the first presidential debate of 2024 between US President Joe Biden and former US President Donald Trump, in Atlanta on June 26, 2024.
John Nowak | CNN | Via Reuters
Warner Bros. Discovery CNN plans to lay off hundreds of employees on Thursday to refocus its business on a global digital audience, according to people familiar with the matter.
The layoffs come as CNN revamps its linear television lineup and develops digital subscription products. The cuts will help CNN reduce production costs and consolidate crews, said the people, who spoke on the condition of anonymity to discuss the non-public changes.
Some shows produced in New York or Washington could move to Atlanta, where production can be done more cheaply, the sources said.
For the most part, the job cuts will not affect CNN’s best-known names, which are under contract, the sources said. CNN has approximately 3,500 employees worldwide.
At a town hall meeting earlier this month, CNN CEO Mark Thompson said the media company had received an investment of “over $70 million” from Warner Bros. Discovery to help finance its digital operations. Part of this investment will be used to hire employees in areas where CNN sees potential growth opportunities, such as data scientists and product development.
In October, CNN launched a digital paywall, charging heavy users of the site $3.99 per month.
NBC News is also planning cuts later this week, according to people familiar with the matter. Although the exact number could not be determined, the job losses will be well below 50, two of the people interviewed said.
Spokespeople for NBC News and CNN declined to comment.
Both news outlets waited until the U.S. presidential inauguration to make these cuts. The news media landscape is in transition as fewer people watch linear television and more people consume their news on streaming services and through social media.
Disclosure: NBCUniversal is the parent company of CNBC and NBC News.
