Warner Bros. Discovery announced a new round of layoffs in the double-digits on Wednesday as the company makes cuts across linear cable groups.
A source confirmed to The Hollywood Reporter (THR) that the number of those laid off were “well under 100” people with no particular cable channel being affected more than others. No specific function was also targeted. Some background per THR:
In December 2024, Warner Bros. Discovery took steps toward spinning its cable channels away from its studio and streaming businesses, a la NBCUniversal and the newly created Versant. A reorg at WBD created a global linear TV division, which is the one impacted today.
In May, CNBC’s David Faber reported that a NBCU/Versant-like split for WBD was “imminent.” Well, that hasn’t happened — not yet at least.
Cable television still generates cash for companies, but the value is dwindling fast. The jewels in a media-company’s crown these days (and for the future) are their studios and streaming services.
Back in December, Warner Bros. Discovery CEO David Zaslav said the new corporate structure will bolster its “strategic flexibility and create potential opportunities to unlock additional shareholder value.”
“Since the combination that created Warner Bros. Discovery, we have transformed our business and improved our financial position while providing world class entertainment to global audiences,” he said at the time.
“We continue to prioritize ensuring our global linear networks business is well positioned to continue to drive free cash flow, while our streaming and studios business focuses on driving growth by telling the world’s most compelling stories,” he added. “Our new corporate structure better aligns our organization and enhances our flexibility with potential future strategic opportunities across an evolving media landscape, help us build on our momentum and create opportunities as we evaluate all avenues to deliver significant shareholder value.”
As Breitbart News reported this week, the Walt Disney Company enacted major layoffs on Monday, putting several hundred employees out of work while downsizing divisions of Disney Entertainment.
Sources confirmed the layoffs to Deadline, which reported that a bulk of the layoffs occurred “across divisions of Disney Entertainment, including marketing for both film and television as well as television publicity, casting and development.”
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