Warner Bros Discovery Layoffs: US-Based Entertainment Company To Lay Off Around 1,000 Employees as Part of Cost-Cutting Efforts
Warner Bros. Discovery plans to lay off nearly 1,000 employees in its latest attempt to cut the costs. The Warner Bros. Discovery layoffs will affect several departments including finance, production and more.
New York City, July 17: Warner Bros. Discovery, a media conglomerate based in the United States, has initiated a layoff round that will affect a thousand. The latest round of Warner Bros. Discovery layoffs will reportedly affect about 1,000 employees as a part of the company's cost-cutting efforts. The layoffs will lead to employees leaving several departments; however, the finance staff is expected to be primarily affected.
Variety reported that the layoff announced at Warner Bros. Discovery would affect nearly 1,000 employees across a few departments as the company made a move to cut costs. The job cuts will hit the departments like finance, production, business affairs and streamer Max. While the WDB layoffs affected the financial department more, only ten employees working at Max were affected. The report said that Warner Bros. Discovery did not inform all the employees about the layoffs. Kaspersky Layoffs: Russian Cybersecurity Firm Kaspersky Labs To Shut Down Its Operations in US Over National Security Concerns, Lay Off Employees.
According to Variety, the Warner Bros. Discover layoffs marked a downsizing move attempted by the company's brand. In April 2022, thousands were laid off following the Discovery and WarnerMedia, which established the new company. Throughout 2023, the WBD layoffs continued, letting go of more of the people in the streaming business. Warner Bros. Discovery reportedly indicated a shift in its streaming vs. linear strategy as some of the series were rebranded as HBO shows expected to debut on the cable channel. These shows included "Harry Potter" TV adoption, "The Penguin' from DC, "It" prequel and "Welcome to Derry". Salesforce Layoffs Continue: US-Based Cloud Software Major Lays Off 300 More People in Its Latest Round To Streamline Operations, Trim Costs.
Besides WBD, Paramount also announced job cuts this year, affecting hundreds of people amid cost-cutting and will likely lay off more people. According to a report by Deadline, the entertainment companies that laid off people in 2024 included the following names - NBCUniversal, YouTube, Netflix, Amazon, Marvel, Sony, Lionsgate, Roku and more. In 2024, several media, tech, and automobile companies also cut hundreds of jobs amid the economic downturn, cost-cutting, restructuring or adopting automation.
(The above story first appeared on LatestLY on Jul 17, 2024 09:16 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).