BRUTAL WEEK: Major media outlets slash hundreds of jobs
Evercore ISI senior managing director Mark Mahaney reveals which stocks could outperform if the US economy is hit with a recession on 'Varney & Co.'during a brutal period that saw Warner Bros. Discovery, Gannett and others slash headcount as economic uncertainty plagues news organizations.
Warner Bros. Discovery’s CNN is perhaps the highest profile, as widespread layoffs resulted in everyone from high-profile talent to rank-and-file staffers losing their jobs. CNN has not publicly disclosed the total number of employees who were let go, but "hundreds" of staffers will ultimately be affected, according to Puck News.
Licht, who took over CNN after the ousting of Jeff Zucker, was reportedly tasked by boss David Zaslav earlier this year with making a further $100 million in cuts as part of a broader Warner Bros. Discovery budget-slicing effort.
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