WBD Announces Plans to Cut Up to 1,000 Jobs in Latest Round of Layoffs
Warner Bros. Discovery is undergoing a new round of layoffs as part of its ongoing efforts to streamline costs within the entertainment industry. This latest wave of cuts is expected to affect approximately 1,000 employees based in the United States, primarily within the company’s finance, production, and business affairs departments. Additionally, a small number of layoffs will impact the WBD Max team.
The announcement of these layoffs follows closely on the heels of a previous round of job reductions at CNN, where 100 positions were eliminated, constituting 3% of the news network’s workforce. Since the completion of its $43 billion merger two years ago, Warner Bros. Discovery has implemented several rounds of layoffs, including staff reductions at Warner Bros. TV Group (125 employees), HBO and HBO Max (70 employees), and the closure of CNN+’s operations (350 employees).
Warner Bros. Discovery is scheduled to release its second-quarter earnings report on August 7 after the markets close. In the previous quarter, the company reported revenue of $9.9 billion, reflecting a 7% decline from the first quarter of 2023. Despite the success of blockbuster films like “Dune: Part Two” and “Godzilla x Kong: The New Empire,” each grossing over $1.2 billion globally, a significant 70% decrease in profits from the Studios division offset the gains from these theatrical releases.
The decision to downsize staff and restructure operations comes as Warner Bros. Discovery navigates a challenging economic landscape within the entertainment sector. By making strategic adjustments to its workforce and cost structure, the company aims to enhance operational efficiency and adapt to evolving market conditions. Warner Bros. Discovery remains committed to its long-term growth strategy while prioritizing financial sustainability and organizational resilience in a rapidly changing industry landscape.
