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Warner Bros Discovery to slash 30 percent of its advertising staff
https://www.whatjobs.com/news/employment-news/warner-bros-discovery-to-slash-30-percent-of-its-advertising-staff
By Nithya Bose in Employment News, posted June 16, 2022
Warner Bros. Discovery is to slash nearly 30 percent of its worldwide advertising sales team, which is approximately 1,000 jobs.
The broadcasting company has now began providing members of its US advertising sales staff the chance to voluntarily quit the organization.
Around 3,000 people work on the worldwide advertising sales team.
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Gunnar Wiedenfels, the company's finance officer, confirmed its target of delivering $3 billion in cost reductions following a $43 billion merger between Discovery Inc and AT&T's Warner Media in April.
He said the possibility for synergy stems from cost avoidance and the removal of expected expenses of the business.
Following a boom during the pandemic, the streaming sector has now been questioned about its long-term prospects.
Rising inflation and decreasing consumer spending have been identified as possible challenges to the business by analysts.
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In extended trading, the company's shares were down slightly.
Among the firms that announced layoffs on Tuesday were Coinbase, Redfin, and Compass.
Warner Bros Discovery did not reply to a request for comment from Reuters right away.
Source: Reuters
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