CNN Also Cuts 400 Employees
[Asia Economy Reporter Jo Yujin] As signs of a US economic recession deepen, the wave of restructuring in Big Tech and Wall Street is spreading to the media industry, reported the US political media Axios on the 24th (local time).
The Washington Post (WP), a leading US daily, announced on the 24th (local time) through an internal memo from Executive Editor Sally Buzbee that it has decided to cut 20 jobs within the newsroom and not fill 30 currently vacant positions. The total workforce reduction, including hiring freezes, is expected to reach 50 employees.
According to documents obtained by Axios, WP informed its staff of this layoff plan on the morning of the same day. WP had previously announced at the end of last year that layoffs targeting up to 10% of its workforce would take place soon.
Axios, citing sources familiar with the matter, reported that WP also plans to discontinue the children's newspaper 'KidsPost' and the gaming section 'Launcher' as part of cost-cutting measures.
Amazon founder Jeff Bezos, owner of WP, reportedly visited WP headquarters last week and held preliminary discussions with union representatives prior to this notification, according to the company.
As concerns over an economic recession increase management uncertainties, major Big Tech and media companies have been continuing layoffs since the end of last year.
Major broadcasters such as NBC, CNN, CBS, and digital media outlets including Vox Media, Vice Media, and Adweek have either conducted layoffs at the end of last year or announced plans to do so. CNN announced via an internal intranet notice at the end of last year that it would implement layoffs and hiring freezes as part of the restructuring of its parent company Warner Bros. The scale of layoffs announced by CNN is approximately 400 employees.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
