Warner Bros Discovery cuts nearly 1,000 jobs in global advertising team

The company has allowed members of its global ad delivery team to voluntarily resign from June 14.

Warner Bros Discovery is looking to cut up to 30%, or 1,000 jobs, on its global ad sales team, according to a person familiar with the matter. The source said, the company has allowed members of its global ad delivery team to voluntarily quit work on Tuesday (June 14). Waner Bros Discovery’s global advertising division currently has 3,000 members.

In April, the company’s chief financial officer, Gunnar Wiedenfels, reaffirmed his goal of $3 billion in cost savings, following the merger of Discovery and AT&T Warner Media in a $43 billion acquisition. Shown on May 18th. This deal is an act of Discovery’s ambition to catch up with Netflix in the context that traditional television is on the decline.

As companies “race” to publish online TV, Wall Street has raised questions about the long-term future of the streaming industry after “eating big” during the recent pandemic. At the same time, analysts are also concerned that rising inflation leads to a decrease in consumer spending, which is also a potential threat to the entire online movie industry.

Netflix’s recent significant decline in users is an alarm bell for other companies in the online TV field.

Before the announcement of job cuts from Tuesday (June 14), shares of Warner Bros Discovery showed signs of slight decline during extended trading. That same day, Coinbase Global, Redfin Corp and Compass also announced staff reductions.

Thai Hoang (according to Reuters)


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