CNN & NBC to Fire Hundreds of Staff amid Bankruptcy Fears

CNN and NBC are planning to lay off hundreds of staffers amid fears the far-left networks are facing bankruptcy due to plummeting ratings.

CNN CEO Mark Thompson broke the bad news about job cuts in a memo to staff on Thursday, confirming CNBC’s report from Wednesday about the upcoming layoffs. In the memo, Thompson admitted the network is struggling to attract viewers and is suffering historic low audience numbers.

Conservativebrief.com reports: “I know that whatever the total number of job losses, the impact on the individuals involved can be immense,” Thompson wrote in the memo, obtained by CNBC. “The process of change is essential if we’re to thrive in the future, but I both acknowledge and regret its very real human consequences.”

In all, the cable broadcaster is planning staff reductions of about 6 percent, or somewhere in the neighborhood of 210 job cuts.

The layoffs come as CNN restructures its linear TV programming and focuses on expanding its digital subscription offerings. These cuts are intended to reduce production costs and streamline operations, according to sources familiar with the situation, who spoke on the condition of anonymity to discuss internal decisions. Some shows produced in New York or Washington may be relocated to Atlanta, where production costs are lower, the sources added.

The job cuts are not expected to impact CNN’s high-profile on-air talent, who are under contract, the sources said. CNN currently employs approximately 3,500 people globally, CNBC reported.

CNN has announced several new initiatives in a memo to staff. The company is developing a new method for digital subscribers to stream CNN content outside of CNN Max, which is part of Warner Bros. Discovery’s larger Max streaming service.

CNN intends to reveal content details in the coming months, according to Thompson in the note. The network had previously planned to launch its own streaming service, CNN+, in 2022; however, the service was shut down almost immediately by Chris Licht, who had just been appointed as CEO.

In October, CNN introduced a digital paywall, charging frequent users of the site $3.99 per month. The goal of the news organization is to achieve $1 billion in revenue by 2030.

CNN plans to hire at least 100 new employees in the coming months to expand its digital presence. The company will invest in product development and technology, as well as in new high-quality journalism and storytelling. Part of this investment will go toward creating a lifestyle-oriented digital product that CNN is currently developing.

The New York Post added: “NBC News, owned by Comcast, is also planning job cuts later this week, according to the report. While there is no exact number, the layoffs will be well under 50.”

The Washington Post, which is owned by Amazon founder Jeff Bezos, announced earlier this month that it would be laying off approximately 4% of its workforce, totaling fewer than 100 employees. This decision is part of the company’s effort to reduce costs as the renowned newspaper faces increasing financial losses, The Post noted further.

“In November, the Associated Press said it would cut about 8% of its workforce as it looks to modernize its operations and products,” said The Post. “News of CNN’s culling comes after Thompson reportedly cautioned staffers ‘against expressing any outrage of their own’ during the inauguration.”

Thompson, a former executive from the BBC and the New York Times, hosted a virtual editorial meeting on Sunday. This meeting included Jake Tapper, Anderson Cooper, and numerous other senior news figures to discuss CNN’s coverage of the inaugural ceremonies scheduled for the following day in Washington, DC, as reported in the Status newsletter.

During the meeting, Thompson “made it clear that he did not want the coverage to relitigate the past,” according to Status reporter Oliver Darcy — an allusion to CNN’s historically hostile relationship with Trump.