Warner Bros. Discovery to lay off almost 1,000 employees

It is reported that Warner Bros. Discovery (WBD) began another round of layoffs although on a smaller scale than the significant workforce reductions implemented under David Zaslav's leadership last year.

As per news source, WBD will lay off almost 1,000 employees across various sectors as part of a new cost-cutting initiative. The affected areas include finance, business affairs, production, and positions at the streaming platform Max. As per the report, the finance department was badly hit by the layoffs, while fewer than 10 Max employees were affected overall.

A recent round of layoffs has started at CNN which is owned by WBD, where approximately 100 employees were let go. Mark Thompson, CEO of CNN Worldwide said that almost 2.9 percent of its workforce has been affected, which totals 3,500 employees.

These layoffs represent the latest in a series of workforce reductions at Warner Bros. Discovery brands. Following the closure of the merger between Discovery and WarnerMedia in April 2022, which formed the new company, thousands of employees were let go. Throughout 2023, layoffs occurred intermittently, exacerbated by challenging periods for WBD's streaming operations and the broader Hollywood streaming sector. The company also faced additional cuts during the WGA and SAG-AFTRA strikes last summer, impacting HBO and Max notably.

On May 23, 2023, Warner Bros. Discovery came up with its combined streaming service HBO Max and Discovery+ under the brand Max. Recently, the company has signalled a strategic shift between streaming and traditional television, as several upcoming original series for Max, such as DC’s “The Penguin,” the "It" prequel “Welcome to Derry,” and the “Harry Potter” TV adaptation, will now premiere as HBO shows on the cable channel.