CNN CEO confirms leftist network to make major layoffs and other networks to follow as Biden’s economy slides into recession.
Published on 17.11.2022
Chris Licht, CNN’s new CEO, addressed employees on Tuesday, announcing that there will be layoffs across the company as early as December as the network is forced to make cuts in anticipation of a possible recession.
He didn’t say which part of the business would suffer the most losses, but he said teams that aren’t essential to the chain’s “core mission” risk losing their jobs.
Last June, an upbeat Licht spoke at an all-staff event, where he assured everyone that there would be no mass layoffs at CNN.
“As far as CNN is concerned, there are no layoffs per se. A layoff is a downsizing, where you’re given a goal, and that’s not what happens at CNN,” Licht said.
However, CNN’s ratings continued to drop, and as October approached, Licht was forced to change his tune. He sent a memo that said,
“We have also started to reduce or eliminate sectors that are not essential to our mission. All of these measures are aimed at keeping the essence of CNN on all platforms, to ensure that where and how people get their information, they must have CNN. There is still a lot to do… The global economic outlook raises many concerns and we must take this risk into account in our long-term planning. All these elements together will lead to significant changes in this organization. Which, by definition, is destabilizing. These changes will not be easy as they will affect people, budgets and projects. »
Licht must cut CNN’s budget by about $100 million.
This impending deadline has CNN employees on edge. A company insider told FOX-Digital“The nerves are on edge”.
“The public meeting did not make it clear who they are going to fire. We are waiting for answers on this subject. »
CNN isn’t alone in having to make staff cuts. Disney CEO Bob Chapek recently asked ABC to freeze hiring and cancel all non-essential travel.
Chapek has also set up a new “cost structure task force” to make “organizational improvements”.
ABC News President Kim Goodwin said all positions will be frozen except for executive producers and producers.