Saturday, January 16, 2021

Equity research: WarnerMedia Plans Thousands of Job Cuts in Restructuring

Jan. 16, 2021

Here is the article. 

AT&T Inc.’s WarnerMedia is restructuring its workforce as it seeks to reduce costs by as much as 20% as the coronavirus pandemic drains income from movie tickets, cable subscriptions and television ads, according to people familiar with the matter.

The overhaul, which is expected to begin in the coming weeks, would result in thousands of layoffs across Warner Bros. studios and TV channels like HBO, TBS and TNT, the people said.

Rivals including Walt Disney Co. and Comcast Corp.’s NBCUniversal have also cut jobs in recent months as the film and TV business struggles.

“Like the rest of the entertainment industry, we have not been immune to the significant impact of the pandemic,” a WarnerMedia spokesman said, adding that the company would reorder its operations to focus on growth opportunities. “We are in the midst of that process and it will involve increased investments in priority areas and, unfortunately, reductions in others.”

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