Employees at CNN are bracing for some seriously bad news. After missing key revenue goals, the network has made plans to fire dozens and dozens of their employees soon.
According to Vanity Fair, CNN President Jeff Zucker is planning to fire at least 50 employees in an effort to get costs in their digital media space under control.
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It seems that CNN hasn’t been able to translate their fake news hysteria against President Donald Trump into the dollars and cents they were promising.
What a shame.
The layoffs will largely avoid the network’s stars, and instead is focused on their tech and digital media business. It will focus on cutting costs ahead of AT&T’s anticipated buyout of CNN’s parent company, Time Warner.
“The cuts will affect employees who work in premium businesses including CNN Money, video, product, tech and social publishing, these people said. Several high profile digital initiatives are being scaled back, including CNN’s virtual reality productions and its efforts on Snapchat, where CNN recently nixed a live daily webcast after just four months. CNN’s business-oriented MoneyStream app, as BuzzFeed reported earlier this month, is in the gutter as well,” Vanity Fair reported.
“A team that works on the digital extensions of documentary-style TV shows, such as Anthony Bourdain’s Parts Unknown and Lisa Ling’s This is Life, as well as the Brooke Baldwin series American Woman, is also being reorganized.”
— The Horn editorial team