CNN initiates massive layoffs as cost-cutting measure
According to the company statement, hundreds of jobs could be affected
On Wednesday, multinational cable news channel CNN informed its employees that it has initiated layoffs, which could impact hundreds of jobs at the news network. The company said the move marks "the deepest cuts to the organization in years."
An internal mail to the employees confirmed what they have been bracing for ever since CEO Chris Licht informed them of "unsettling" changes in store.
"Our people are the heart and soul of this organization. It is incredibly hard to say goodbye to any one member of the CNN team, much less many. I recently described this process as a gut punch, because I know that is how it feels for all of us," read the mailer.
The impacted employees will be notified on Thursday through an in-person meeting or Zoom, depending upon the person's location.
The mailer made it clear that people who are eligible for bonuses in 2022 will still receive the same, irrespective of the layoffs.
"I know these changes affect both our departing colleagues and those who remain, and we have resources designed to support you. I will include a link to those resources in my follow up email tomorrow," wrote Licht in the mailer.
With US networks' ad revenue impacted, cost-cutting strategies have been rampant in the media sector. Disney and AMC Networks have also announced restructuring and layoffs as a countermeasure.
CNN saw its last layoff in 2018 when 50 people lost their jobs when the company restructured its digital business
