Movies

Warner Bros. Discovery’s cable channels hit with layoffs

BBG News

Warner Bros. Discovery has recently reduced its workforce in its cable TV divisions, eliminating around several dozen jobs on Wednesday.

The unnamed executive has verified that job cuts will occur throughout the organization with the intention of boosting overall efficiency. This move comes in response to a decrease in cable TV revenue due to people choosing to cancel their subscriptions, also known as cord-cutting.

Two days ago, Disney enacted a significant restructuring in its movie and TV marketing departments, publicity, casting, development, and corporate operations. Now, similar changes are happening at Warner Bros. Discovery.

At Disney, there were hundreds of job reductions. However, the reduction at Warner Bros. Discovery isn’t near that amount; they haven’t revealed an exact count, though.

Instead of experiencing reductions, Warner Bros. Discovery’s film and television production studios and streaming service (originally known as HBO Max) will continue operating under their current conditions.

Hollywood Inc.

As the audience moves to streaming, TV stations are pressing Washington for relief.

Warner Bros. Discovery is reportedly considering a split from some of their struggling cable TV properties, such as their Turner channels, Discovery Networks, HGTV and Food Network, in a way that mirrors Comcast’s approach with NBCUniversal’s cable networks (excluding Bravo). In simpler terms, they might separate certain underperforming cable TV channels from the main company.

Comcast is transferring MSNBC, CNBC, the Golf Channel, USA Network, along with other channels, to a newly established entity named Versant. This move separates these established businesses from the main company, allowing them to focus more on developing their streaming services.

Warner Bros. Discovery has undergone a restructuring process, dividing into two main operational divisions. Last year, this media conglomerate reported a significant financial loss of approximately $9.1 billion to acknowledge the reduced worth of their television networks due to market fluctuations.

The budget reductions at Warner Bros. Discovery follow closely on the heels of a notable shareholder criticism regarding executive compensation, indicating a rising discontent among stakeholders over the company’s financial results.

At the latest annual meeting, a significant number of Warner Bros. Discovery shareholders expressed their disagreement with the proposed 2024 compensation plan for CEO David Zaslav and other top executives, as indicated in an official report.

Approximately 6 out of every 10 votes submitted expressed disapproval towards the proposed 2024 executive compensation package at the company, as stated in a recent regulatory document. Although this vote holds no binding power, it serves as a significant representation of shareholder sentiment.

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2025-06-05 00:31

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