CNN Bloodbath: Massive Layoffs Coming This Week
CNN Expected to Cut Hundreds of Jobs This Week
Major News Network to Streamline Operations Amidst Falling Ratings and Financial Losses
New York, NY – CNN is reportedly preparing to announce significant staff reductions as early as Thursday, according to CNBC. The layoffs are part of a broader strategic shift for the news organization, emphasizing digital growth and a global audience while aiming to reduce production costs and streamline operations.
Impact on Staff:
- While the exact number of job cuts remains unclear, the layoffs are expected to impact hundreds of employees across various departments.
- High-profile on-air personalities with existing contracts are not anticipated to be affected.
- CNN currently employs approximately 3,500 people.
Financial and Viewership Challenges:
- CNN’s net worth has declined significantly in recent years, dropping from $4.4 billion in 2021 to $2.3 billion in 2023, a 47% decrease.
- This financial downturn coincides with a decline in viewership, particularly following the 2024 presidential election. CNN, along with MSNBC, experienced a sharp ratings drop, with CNN’s viewership falling by 27% in the weeks after the election.
Industry-Wide Trend:
- CNN’s potential layoffs reflect a broader trend in the media industry. Several prominent news outlets, including Vox, The Washington Post, and The Huffington Post, have implemented staff reductions in recent months.
CNN’s Response:
- A CNN spokesperson declined to confirm CNBC’s report but stated that further information would be forthcoming.
Focus on Digital Growth:
- The layoffs are part of CNN’s efforts to adapt to the evolving media landscape, with a stronger focus on digital content and a global audience
