Enlarge / AT&T’s emblem at its company headquarters on March 13, 2020 in Dallas, Texas. (credit score: Getty Pictures | Ronald Martinez )
AT&T is planning 1000’s of layoffs at HBO, Warner Bros., and different components of WarnerMedia as a part of a plan to chop prices by as much as 20 p.c, The Wall Road Journal reported yesterday.
WarnerMedia is what was once known as Time Warner Inc. earlier than AT&T bought the leisure firm in 2018. Layoffs and value cuts are nothing new at AT&T on the whole, together with at WarnerMedia. However WarnerMedia has taken a very massive hit because the pandemic started. AT&T laid off about 600 individuals from WarnerMedia in August, a prelude to the brand new cuts revealed yesterday. The Journal wrote:
AT&T’s WarnerMedia is restructuring its workforce because it seeks to scale back prices by as a lot as 20 p.c because the coronavirus pandemic drains earnings from film tickets, cable subscriptions and tv adverts, based on individuals accustomed to the matter.
The overhaul, which is predicted to start within the coming weeks, would end in 1000’s of layoffs throughout Warner Bros. studios and TV channels like HBO, TBS and TNT, the individuals stated.
WarnerMedia had almost 30,000 workers earlier this yr. A WarnerMedia spokesperson instructed Ars that “we aren’t discussing or confirming any speculative numbers” relating to what number of jobs will likely be lower. The job reductions are a part of the restructuring that was introduced in August, the spokesperson additionally stated.Learn 6 remaining paragraphs | Feedback