The head count at the WarnerMedia subsidiary of telecom group AT&T (T) – Get Report is about to get a lot leaner, according to a media report Thursday.
WarnerMedia is aiming to cut costs by 20%, which could result in thousands of employees losing their jobs, a media report says.
A restructuring is expected to begin in the coming weeks, sources told The Wall Street Journal. It will affect the company’s movie arm, Warner Bros studios, as well as television channels like HBO, TBS and TNT.
“Like the rest of the entertainment industry, we have not been immune to the significant impact of the pandemic,” the company said in a statement to TheStreet. Read more…..
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New York Times columnist Jim Stewart joins CNBC’s “Squawk on the Street” to discuss the restructuring of WarnerMedia following the acquisition from AT&T.