After sinking viewership and tanking profits, big time cable news network CNN is expect to clean house, with “hundreds” of layoffs expected the happen as early as today.
Media outlet Puck reported that CNN CEO Mark Thompson announced to his staff about the network cuts Thursday morning.
Scoop: Tomorrow is the day. CNN is set to lay off hundreds of employees tomorrow … and NBC News is also preparing layoffs this week, albeit far smaller.
Details: https://t.co/R3J8idYxpq
— Alex Sherman (@sherman4949) January 22, 2025
CNBC reported that the layoffs “won’t affect CNN’s most recognizable names, who are under contract,” according to sources.
CNN did not immediately respond to a request for comment.
In November, Fox News reported that CNN would face major layoffs by March and that its impact on the network would be “very meaningful.”
“I am overall very sad and deeply frustrated,” a longtime CNN staffer told Fox News at the time.
“Feelings which are pervasive throughout the organization among those who have been here a long time and feel a deep personal connection to having helped build the organization.”
“It’s a time of a complete and utter business model overhaul and chaos. Extremely difficult even under the best circumstances,” the CNN staffer added.
Another CNN employee cited Thompson, who has been on the job for just over a year and has been outspoken about how the company will have to undergo big changes to survive.
“I am worried because the industry is obviously in trouble… I’m sure there will be cuts,” the second CNN staffer told Fox News Digital.
The employee suspected “more shows will be streamlined and produced out of Atlanta” and that those impacted the most are the “expensive” shows being produced in New York City.
CNN’s financial struggles made national news last week after a jury found the network had defamed a Navy veteran and approved that he could seek punitive damages.
The legal battle resulted in a multi-million dollar settlement, and an apology from CNN.
Forensic economist Robert W. Johnson, who was hired by the plaintiff’s legal time to assess CNN’s finances, testified CNN was worth $4.4 billion in 2021 but dropped to $2.3 billion in 2023, according to provided tax documents from the network.
Johnson’s data also showed that CNN’s revenue dropped from $2.2 billion in 2021 to $1.8 billion in 2023. CNN’s net income over the same period dropped from $0.6 billion in 2021 to $0.4 billion in 2023.